Ma’aden closes out a smooth 2024: Saudi Arabia’s mining company Ma’aden saw its adjusted net income increase q-o-q by 38% in 4Q 2024 to SAR 1.3 bn, according to an earnings release (pdf) from Thursday. Revenues were also up, increasing 24% q-o-q to almost SAR 10 bn.

On a yearly basis: Maaden’s 2024 net income was up 82% y-o-y to SAR 2.9 bn. The company’s revenue was its second highest full-year revenue on record, rising 11% to SAR 32.5 bn.

Behind the numbers: The rise in revenues was due to higher sales prices and volumes, lower raw material costs, less depreciation expense, and recovery from one-off industrial utility charges from the year before.

Many friends were made: Ma’aden completed a SAR 5.6 bn transaction in May which saw it up its stake to 85% in Ma’aden Wa’ad Al Shamal Phosphate — its JV with the Mosaic Company and Sabic. The company launched its first international senior unsecured sukuk offering with an aggregate principal of USD 1.25 bn. Most recently, the company also purchased Sabic’s 20.6% stake in Bahrain Bourse-listed Aluminium Bahrain in February.

OQ BASE INDUSTRIES-

Oman’s OQ Base Industries’ (OQBI) net income dropped 15% to OMR 40.4 mn in FY 2024 from OMR 47.5 mn in 2023, according to its earning reports here (pdf) and here (pdf) issued on Tuesday. Revenues rose 19.7% y-o-y to OMR 234.8 mn for the whole year.

Behind the numbers: The revenue boost came largely from a 44.4% jump in methanol sales to OMR 111.6 mn — thanks to 30% higher volumes and an 11% increase in average sales price. The decline in the bottomline was partly driven by higher rich gas provisions.

REMEMBER- OQ raised OMR 188 mn (c.USD 489 mn) in the IPO of its methanol unit OQBI last December, which saw a 49% stake sold at the top end of the price range at OMR 0.111 (c.USD 0.29) per share, valuing the firm at USD 1 bn. OQBI said it plans to invest around USD 500 mn to expand its methanol unit, increasing production by 550 mn tons by 2028.

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