Increased aluminium production and sales volumes helped boost Ma’aden earnings in the first nine months of 2024.
The Saudi Arabian aluminium manufacturer said its Ebita in its aluminium business had increased 514% for the first nine months of this year compared to the year before.
As well as increased sales volumes, this was also due to the receipt of a SAR 94 million insurance claim which was recognised in the period.
Aluminium production was up 12% from 653kt in 2023 to 732kt in the first nine months of 2024.
Alumina production was up 6% compared to the year before at 1421kt compared to 1346kt in 2026.
Sales in its aluminium business were up 10% to the year before at SAR 7081 million.
Ma’aden CEO Bob Wilt said the growth was primarily driven by improved raw material costs, higher aluminium production and improved sales following a successful completion of the pot relining programme which had impacted the previous year.
An absence of a one-off industrial utility charge had also continued to the increased Ebita.
He added that progress was continuing its aluminium recycling plant project, which was at its banking feasibility stage and with a decision likely in the first half of 2025.
The company is currently in talks with Aluminium Bahrain about a merger between the two companies.