In the first quarter of 2025, revenue reached SAR 8.51 billion, up 16 percent from Q1 2024, with net income up 58 percent and profit margin expanding to 18 percent from 13 percent a year earlier.
By the third quarter of 2025, the acceleration had become more pronounced.
EPS reached SAR 0.57, up from SAR 0.26 in Q3 2024, on revenue of SAR 10.0 billion, up 24 percent, with net income of SAR 2.21 billion, up 127 percent.
For the full year 2025,
revenue reached SAR 38.58 billion, an increase of 18.53 percent compared to the previous year, with earnings up 155.89 percent.
The physical explanation for this performance sits in three commodities: phosphate, aluminum, and gold. Ma'aden's phosphate operations, which produce diammonium phosphate for export to Asian agricultural markets, benefited from tighter global supply conditions. Its aluminum business, running through the Ras Al Khair complex, operates on some of the lowest energy costs in the world. And its gold operations have been lifted by a gold price environment that has remained elevated through geopolitical uncertainty.
The company maintained 2025 production guidance across key business units, including phosphate DAP output of 5,900 to 6,200 thousand metric tonnes, primary aluminum of 850 to 1,150 thousand metric tonnes, and gold output of 475 to 560 thousand ounces.
But the more consequential development for anyone thinking seriously about Saudi Vision 2030 mining investment is what Ma'aden is building toward rather than what it has already produced. The company's strategic pivot into critical minerals represents the most significant structural expansion of its mandate since it was founded.
Ma'aden signed an agreement with MP Materials, the American fully integrated rare earth producer, to explore opportunities to establish a fully integrated end-to-end rare earth supply chain, with a memorandum of understanding signed on the sidelines of the US-Saudi Investment Forum 2025 in Riyadh.
That initial framework escalated rapidly.
By November 2025, Ma'aden had signed a binding term sheet with MP Materials, backed by the United States Department of War, to build and operate a rare earth refining and separation facility in the Kingdom.
Under the agreement, MP Materials and the DoW will hold an equity position targeted at 49 percent in the joint venture, with Ma'aden holding a position of no less than 51 percent.
The structure of this deal deserves careful attention.
The collaboration aims to jointly develop a vertically integrated rare earth supply chain in Saudi Arabia, including mining, separation, refining, and magnet production.
The facility is being designed as a central hub for processing, refining, and separation of rare earth elements.
This is not a royalty agreement or an offtake arrangement. It is an attempt to build the full processing stack inside the kingdom, which is precisely what Saudi Vision 2030 mining investment has been designed to achieve: not simply extracting raw material and exporting it, but capturing the value-added steps that have historically migrated to China.
The geopolitical logic is transparent.
The joint venture is intended to deepen economic and security ties between the United States and Saudi Arabia and support industrial resilience without reliance on adversarial sources.
China currently dominates rare earth separation and magnet production with a degree of concentration that makes the kingdom's phosphate export position look diversified by comparison. Saudi Arabia's combination of untapped mineral geology, cheap energy, and strategic location between Asian and European end markets gives it a credible claim to becoming a meaningful node in a rebalanced rare earth supply chain. Whether the geology delivers at commercial scale remains the critical unknown.
The divergence between SABIC and Ma'aden on Tadawul in 2025 is not a story about management quality or capital allocation in isolation. It is a story about where the structural tailwinds are blowing in the global materials economy. Petrochemicals face a prolonged period of Chinese overcapacity that no feedstock advantage fully neutralizes. Mining, and specifically critical minerals, sits at the intersection of energy transition demand and geopolitical supply anxiety, which is precisely where capital is being directed. The Saudi state understands this. The question for investors in the petrochemical sector on Tadawul is how long the margin compression cycle persists before Chinese capacity growth decelerates enough to restore spreads. The question for Ma'aden is whether the rare earth refinery moves from
