Al Masane Al Kobra Mining Co. (AMAK) reported a net profit of SAR 43.5 million in the first six months of 2023, a drop of 47% from SAR 82.2 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 302.64 | 262.96 | (13.1 %) |
| Gross Income | 124.91 | 75.05 | (39.9 %) |
| Operating Income | 91.26 | 52.82 | (42.1 %) |
| Net Income | 82.23 | 43.46 | (47.1 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.91 | 0.48 | (47.1 %) |
This was due to lower prices of copper and zinc, as well as a decrease in copper and gold sales volumes. The company also cited an increase in the cost of sales on account of higher amortization and raw materials expenses, in addition to a rise in general and administrative expenses as a result of share-based compensation expenses for employees booked despite higher prices of gold and silver.
In Q2 2023, net earnings plunged 74% year-on-year (YoY) to SAR 10.6 million from SAR
40.4 million.
The second-quarter profit decline was mainly attributed to lower prices of copper and zinc, as well as a pullback in copper and gold sales volumes.
On a sequential basis, the second-quarter net profit dropped 67.7% from SAR 32.8 million.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 144.64 | 119.94 | (17.1 %) |
| Gross Income | 56.85 | 26.33 | (53.7 %) |
| Operating Income | 41.60 | 15.56 | (62.6 %) |
| Net Income | 40.41 | 10.61 | (73.7 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.45 | 0.12 | (73.7 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 143.03 | 119.94 | (16.1 %) |
| Gross Income | 48.72 | 26.33 | (46.0 %) |
| Operating Income | 37.26 | 15.56 | (58.2 %) |
| Net Income | 32.86 | 10.61 | (67.7 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.37 | 0.12 | (67.7 %) |
Total shareholders’ equity, no minority interest, stood at SAR 1.20 billion by the end of H1 2023, compared to SAR 1.33 billion in the year-earlier period.
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