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.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 582.77 | 487.90 | (16.3 %) |
| Gross Income | 208.36 | 115.90 | (44.4 %) |
| Operating Income | 150.68 | 66.96 | (55.6 %) |
| 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.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 154.87 | 114.75 | (25.9 %) |
| Gross Income | 47.10 | 20.96 | (55.5 %) |
| Operating Income | 33.94 | 6.08 | (82.1 %) |
| Net Income | 21.50 | 5.94 | (72.4 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.24 | 0.07 | (72.4 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 110.18 | 114.75 | 4.1 % |
| Gross Income | 19.88 | 20.96 | 5.4 % |
| Operating Income | 8.05 | 6.08 | (24.5 %) |
| Net Income | 5.18 | 5.94 | 14.7 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.06 | 0.07 | 14.7 % |
Shareholders’ equity, no minority interest, was almost unchanged at SAR 1.22 billion as of Dec. 31, 2023.
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