Financial Results : AMAK reports 54% net profit slump to SAR 15.1M in Q1 2024

AMAK reports 54% net profit slump to SAR 15.1M in Q1 2024

05/05/2024 Argaam Exclusive

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Almasane Alkobra Mining Co. (AMAK) reported a net profit of SAR 15.1 million in Q1 2024, a decline of 54% from SAR 32.9 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 143.03 134.50 (6.0 %)
Gross Income 48.72 35.01 (28.1 %)
Operating Income 37.26 17.87 (52.0 %)
Net Income 32.86 15.13 (54.0 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.37 0.17 (54.0 %)

Revenues declined 6% year-on-year (YoY), or by SAR 9 million, due to a decrease in zinc prices and lower quantities of gold sold, despite an increase in copper sales.

 

The net profit was weighed down as gross profit fell 28% YoY, along with an increase in the cost of sales, higher general and administrative expenses (G&As) and lower other income. Meanwhile, Zakat expenses declined YoY.

 

On a quarterly basis, net earnings more than doubled from SAR 5.94 million, as revenues rose 17% quarter-on-quarter due to an increase in copper and gold prices, as well as higher sales of the two metals.

 

Shareholders’ equity, no minority interest, reached SAR 1.16 billion by March 31, 2024, compared to SAR 1.25 billion in the prior-year period.

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