AMAK profit drops 36% to SAR 126.3 mln in 2022, Q4 at SAR 21.5 mln

06/03/2023 Argaam Exclusive

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Al Masane Al Kobra Mining Co. (AMAK) reported a fall of 36% in its 2022 net profit to SAR 126.3 million, compared to SAR 197.3 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	586.65	582.77	(0.7 %)
Gross Income	267.70	208.36	(22.2 %)
Operating Income	216.61	143.95	(33.5 %)
Net Income	197.27	126.33	(36.0 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	2.19	1.40	(36.0 %)

The profit drop was attributed to a decline in the selling prices of copper, and zinc sales volumes.

The company also reported higher general and administrative expenses (G&A), as it incurred expenses related to the initial public offering and other expenses for share-based compensation in Q4 2022.

The zinc and copper producer also recorded an increase in tax, Zakat and severance fee expenses, despite the increase in gold sales value and volume.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	172.20	154.87	(10.1 %)
Gross Income	82.50	47.10	(42.9 %)
Operating Income	72.52	27.21	(62.5 %)
Net Income	62.74	21.50	(65.7 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.70	0.24	(65.7 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	125.27	154.87	23.6 %
Gross Income	36.36	47.10	29.5 %
Operating Income	25.48	27.21	6.8 %
Net Income	22.60	21.50	(4.9 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.25	0.24	(4.9 %)

In Q4 2022, AMAK’s net profit plunged 66% to SAR 21.5 million, from SAR 62.7 million in the year-before period.

Net profit also decreased by 4.9% in Q4 2022 from SAR 22.60 million in Q3 2022.

Shareholders’ equity, no minority interest, rose to SAR 1.22 billion as of Dec. 31, 2022, from SAR 648.43 million a year earlier.

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