AMAK H1 2022 net profit down 11% to SAR 82.2 mln; Q2 at SAR 40.4 mln

09/08/2022 Argaam Exclusive

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Al Masane Al Kobra Mining Co. (AMAK) reported a net profit after Zakat and tax of SAR 82.2 million in the first six months of 2022, a decline of 11% from SAR 92.8 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	264.21	302.64	14.5 %
Gross Income	118.61	124.91	5.3 %
Operating Income	92.50	91.26	(1.3 %)
Net Income	92.75	82.23	(11.3 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.03	0.91	(11.3 %)

The earnings decrease was attributed to higher general and administrative (G&A) expenses as a result of the company’s registration of its share of the fees and expenses related to its initial public offering (IPO). This is in addition to the increase in selling and marketing expenses as well as Zakat charges, besides registering a credit tax in the same period last year.

In Q2 2022, net profit after Zakat and tax fell 31% to SAR 40.4 million, from SAR 58.4 million in the year-earlier period.

On a sequential basis, net profit dropped 3.4% from SAR 41.8 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	146.62	144.64	(1.3 %)
Gross Income	71.50	56.85	(20.5 %)
Operating Income	56.51	41.60	(26.4 %)
Net Income	58.43	40.41	(30.8 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.65	0.45	(30.8 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	157.99	144.64	(8.4 %)
Gross Income	68.06	56.85	(16.5 %)
Operating Income	49.66	41.60	(16.2 %)
Net Income	41.82	40.41	(3.4 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.46	0.45	(3.4 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 1.337 billion by the end of H1 2022, compared to SAR 544.2 million in the year-earlier period.

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