Riyad Capital Keeps Ma'aden at Neutral Post-Q2 Results

04:30 AM EDT, 08/17/2026 (MT Newswires) -- Riyad Capital reiterated its investment rating on Saudi Arabian Mining Co. (SASE:1211), d/b/a Ma'aden, following the release of the mining company's second-quarter results. "We maintain our Neutral rating and [SAR71] target price. Profits rotated toward aluminum and gold, but the aluminum premium rests on competitor outages that management indicated may prove shorter-lived than expected, while phosphate margin recovery remains a function of the sulfur market, which Maaden cannot control," analysts said in a Sunday note. The company logged a 16% annual increase in revenue to 10.94 billion Saudi riyals, which surpassed Riyad Capital's 9.53 billion-riyal forecast. Net profit rose 13% year over year to 2.18 billion riyals, which aligned with the research firm's estimate of 2.25 billion riyals. "The quarter was mostly defined by sales mix, highlighting the premiums received for aluminum. Aluminum delivered its strongest EBITDA to date, with realized prices of USD 3,915/mt moving up by +51% Y/Y and +19% Q/Q, lifting segment EBITDA margin to 41% from 26% in 2025; management attributed the price strength to curtailment at other GCC producers," analysts added.