Ma’aden’s aluminium business was the standout performer in the Saudi mining giant’s latest financial results.
The segment delivered its best quarterly financial performance since inception as higher aluminium prices drove an increase in revenue and profitability.
Aluminium business revenue rose 49% year on year to about $1.01 billion in the second quarter, while EBITDA more than doubled to $411 million.
The division’s EBITDA margin reached 41%, according to the company’s latest results, published last week.
The performance is particularly notable because production volumes were broadly stable rather than dramatically higher.
Ma’aden produced 242,000 tonnes of aluminium during the quarter, slightly below the year-earlier level.
The major earnings driver was pricing.
Ma’aden’s average realised aluminium price jumped 51% to $3,915 per tonne in the second quarter, supported by strong regional premiums.
The result also represents a substantial improvement from the first quarter, when the aluminium business reported EBITDA of approximately $269 million.
Ma’aden’s aluminium operation extends beyond primary metal production. It also encompasses alumina and downstream activities including rolling products.
Ma’aden said aluminium prices began to moderate toward the end of the second quarter.
However, the company expects a global aluminium deficit of about 1.7 million tonnes for the remainder of 2026, which could provide continued support to prices in the near term.
The company described medium- to long-term aluminium market fundamentals as favourable.