SAUDI ARABIAN MINING-

Saudi Arabian Mining (Ma’aden) posted a 58% y-o-y surge to net income to SAR 1.6 bn in 1Q 2025, supported by higher JV contributions, lower finance costs, and reduced zakat and tax, partly offset by higher expenses and the absence of last year’s SAR 199 mn insurance gain, it said in an earnings release (pdf). Revenue rose 16% y-o-y to SAR 8.5 bn, driven by higher commodity prices and increased sales volumes across most products.

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A busy quarter: Key milestones for the mining giant included advancing phase one of its thirdphosphate fertilizers project in Wa’ad Al Shamal and Ras Al Khair, to 35% completion with SAR 3.5 bn in contracts awarded, new gold and copper finds at Wadi Al Jaww and Jabal Shayban, and strong drilling results at Mansourah-Massarah. Maaden completed its SAR 3.62 bn acquisition of Sabic’s 20.6% stake in Alba, signed a non-binding mining JV agreement with Aramco, and expanded globally with new offices and warehouses. It also issued a USD 1.25 bn sukuk, nine times oversubscribed, and fully redeemed its SAR 3.5 bn Ma’aden Phosphate Company sukuk.

Limited impact of tariffs: Ma’aden expects minimal direct impact from US tariffs, citing its competitive cost structure, globally critical products, and geographically diversified customer base.

Looking ahead: Maaden raised its 2025 CAPEX guidance to SAR 7.55–9.55 bn, with 70% earmarked for growth. The first phase of its Phosphate 3 project is set to complete construction by 2026-end, with production starting in 2027 and full capacity by year-end.

UNITED ELECTRONICS COMPANY-

United Electronics Company (eXtra) posted a 10.2% y-o-y increase in net income to SAR 103.4 mn in 1Q 2025, according to a disclosure to Tadawul. Revenue rose 10.1% y-o-y to SAR 1.7 bn during the same period, compared to SAR 1.6 bn. Growth was driven by increasing cliX sales, growing loyalty program, and a 29% expansion in the consumer finance portfolio.

ALSO- Our friends at United International Holding — now named Tasheel on the Saudi Exchange — reported a 10.4% y-o-y increase in net income to SAR 57.8 mn in 1Q 2025, according to a disclosure to Tadawul. Revenue jumped 25.3% y-o-y to SAR 174.7 mn during the same quarter, up from SAR 139.4 mn. Growth was driven by a 29% expansion in the consumer finance portfolio as more customers obtained financing, though higher operating expenses and expected credit loss provisions partially offset gains.

ALMOOSA HEALTH-

Almoosa Health Company saw its net income jump 272% y-o-y to SAR 51.1 mn in 1Q 2025, according to an earnings release (pdf). The rise was driven by higher inpatient and outpatient volumes at Almoosa Specialist Hospital, improved operational cost efficiency, and lower finance costs following a loan settlement.

Revenue grew 16.5% y-o-y to SAR 323 mn during the same period, supported by expansion in specialty offerings and strong performance across the medical services, rehabilitation, and pharmaceutical segments.

ALETIHAD COOPERATIVE INS.-

Al Etihad Cooperative Ins. Company swung into the red, reporting a net loss of SAR 11.9 mn in 1Q 2025, compared to a net income of SAR 2.7 mn in the same period a year ago, according to a disclosure to Tadawul. Ins. revenues declined 22.4% y-o-y to SAR 288.3 mn during the quarter, mainly due to lower gross earned premiums in the motor and medical segments, while investment income dropped 41% y-o-y to SAR 16.7 mn, contributing to the overall decline in profitability.

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