Represented by President and CEO Khalid Al-Mudaifer, Saudi Arabian Mining Company (Maaden) was recently honored at the 2015 Top CEO Awards in the Gulf Cooperation Council (GCC) presented by TRENDS magazine in collaboration with INSEAD Business School and Hawkamah.

The award was based on the performance of Maaden in 2014 highlighted by an increase of 231 percent in operating profit amounting to SR1.99 billion compared to SR603.58 million in the same period in 2013.

In 2014, Maaden completed its fully integrated mine to metal aluminum project, increased the commercial production output of its phosphate project in Ras Al Khair, and expanded its access to new markets in seven countries in Asia and South America.

Maaden affiliate Sahara & Ma'aden Petrochemicals Company (SAMAPCO) also started commercial operation to produce caustic soda and ethylene dichloride.

Maaden also made significant progress in its gold projects in the Makkah region with the start of production at As Suq mine and the ongoing development of Ad'Duwayhi mine. In addition, the company also acquired a 50 percent share in the Jabal Sayid copper project to diversify its products.

Maaden recently succeeded in offering rights issue shares to increase the company's capital of SR9.250 million to SR11.685 million to finance its phosphate project in Wa’ad Al Shamal Industrial City and aluminum operations at Ras Al-Khair.

Al-Mudaifer said: “I would like to congratulate and thank everyone across Maaden for this achievement. You should all be proud of this award.

TRENDS magazine works in partnership with INSEAD to ensure that the Top CEO Awards selection criteria is the most accurate it can be, and collaborates with Hawkamah to include corporate governance and disclosure criteria as an integral component of the ranking. The entire ranking has a final review by Deloitte.