SAUDI ARABIAN MINING-

Saudi Arabian Mining (Ma’aden) saw its net income grow 82.1% y-o-y in 2024 to SAR 2.9 bn, fueled by an increase in gross profit tied to higher sales prices and volumes, lower raw material costs and depreciation expense, and recovery from one-off industrial utility charges from the year before, according to an earnings release (pdf).

MEANWHILE- Ma’aden recorded its second-highest annual revenue at SAR 32.5 bn in 2024, up 11.2% y-o-y, buoyed by sales volumes for all portfolio products, except ammonia and alumina.

IN CONTEXT- Ma’aden caught the tailwind of rising gold prices in 2024, through the ownership of six gold mines and new gold discoveries last January in the Arabian Shield region. Gold prices rose 28% in 2024, hitting USD 2.6k per ounce.

2024 highlights: Ma’aden acquired Mosaic’s 25% stake in Ma’aden Wa’ad Al Shamal Phosphate Company in December, upping its ownership to 85%. It also inked a share purchase and subscription agreement back in September to acquire Alcoa’s 25.1% stake in Ma’aden Aluminium Company and Ma’aden Bauxite and Alumina Company.

In more recent developments: Ma’aden kicked off construction of its SAR 28 bn Phosphate 3 project at the Wa’ad Al Shamal Phosphate 3 back in January with USD 922 mn in contracts awarded, and raised USD 1.3 bn from USD-denominated sukuk issuance last month.

JABAL OMAR DEVELOPMENT-

Jabal Omar Development’s net income jumped 433.8% y-o-y to SAR 200.1 mn in 2024, driven by increased revenues and SAR 748 mn land sales at the Jabal Omar project, according to a Tadawul disclosure. The gains were partially offset by higher general, administrative, and financial costs, as well as expected credit losses.

MEANWHILE- Revenues increased 43.3% y-o-y to SAR 1.9 bn in the same period, buoyed by higher occupancy rates, leasing activities, and full accounting of unit sales at Jumeirah Jabal Omar.

SAUDI CEMENT-

Saudi Cement Company’s net income rose 10.7% y-o-y to SAR 421.9 mn in 2024, driven by higher revenues and investment income, as well as lower finance costs, it said in a disclosure to Tadawul. Meanwhile, revenues were up 14.6% y-o-y at SAR 1.7 bn on the back of rising sales.

AL MAJED OUD-

Al Majed Oud’s net income climbed 5.6% y-o-y to SAR 157 mn in 2024, aided by geographic expansion, new points of sale and products, and a growing e-commerce segment, according to a disclosure to Tadawul. Revenues also increased 19.9% y-o-y to SAR 926 mn during the same period, fueled by higher spending in marketing campaigns to support market expansion and new products.

ALSO- The company’s board recommended distributing SAR 100 mn in dividends for 2024 at SAR 4.00 per share, representing 40% of the share’s par value, it said in a separate disclosure. The eligibility and distribution dates and will be announced later.

MCDC-

Makkah Construction and Development Company (MCDC) saw its net income increase 23.1% y-o-y to SAR 411 mn in 2024, while revenues grew 14.4% y-o-y to SAR 836 mn, it said in a disclosure to Tadawul. MCDC attributed its bottom and top line growth to stronger performance by the Hajj segment, rising revenues from commercial mall rentals, higher average rates for hotels and towers, and improved income from affiliates and financing activities.

ALSO- MCDC’s board recommended distributing SAR 300 mn in dividends for 2024 at SAR 1.50 per share, it said in a separate disclosure. The distribution and eligibility dates will be announced later.

BASIC CHEMICAL INDUSTRIES-

Basic Chemical Industries saw its net income fall 8.2% y-o-y to SAR 40.4 mn in 2024, weighed down by higher general and administrative expenses and zakat tax, in addition to lower gains from asset sales and other income, according to a disclosure to Tadawul. Meanwhile, revenues inched up 2% y-o-y to SAR 755.6 mn in the same period, pushed by growth in basic chemicals, toll manufacturing, and adhesives.

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