AMAK profit drops 57% to SAR 54.6M in 2023; Q4 at SAR 5.9M

04/03/2024 Argaam Exclusive

Al Masane Al Kobra Mining Co. (AMAK) reported a fall of 57% in its 2023 net profit to SAR 54.6 million, compared to SAR 126.3 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 582.77 487.90 (16.3 %)
Gross Income 208.36 115.90 (44.4 %)
Operating Income 143.95 56.47 (60.8 %)
Net Income 126.33 54.58 (56.8 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 1.40 0.61 (56.8 %)

Revenues fell by 16% (SAR 95 million) year-on-year (YoY) in 2023 on lower prices of all metals, except for gold. Sales volumes of copper and gold also tumbled last year, leading to a YoY drop of 44% (SAR 92 million) in gross profit.

 

This was offset by lower finance costs, as well as selling, marketing and Zakat expenses in 2023.

 

In Q4 2023, AMAK’s net profit plunged 72% to SAR 5.9 million, from SAR 21.5 million in the year-before period.

 

Sequentially, net profit rose by 14.7% from SAR 5.18 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 154.87 114.75 (25.9 %)
Gross Income 47.10 20.96 (55.5 %)
Operating Income 27.21 3.89 (85.7 %)
Net Income 21.50 5.94 (72.4 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.24 0.07 (72.4 %)

Shareholders’ equity, no minority interest, was almost unchanged at SAR 1.22 billion as of Dec. 31, 2023.

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Share Price

Almasane Alkobra Mining Co.
70.50
1.70 2.47 %

Almasane Alkobra Mining Co. (AMAK)

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Financial Ratios
Current
Market Cap (M Riyal) 6,345.00
Enterprise Value (EV) (M) 6,453.06
Shares Outstanding ((M)) 90.00
EPS ( Riyal) (TTM) 1.58
Book Value (BV) ( Riyal) 13.52
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 44.48
P/E (TTM) 44.48
Price/book 5.22
Return on Average Assets (%) (TTM) 9.4
Return on Average Equity (%) (TTM) 11.7
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