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.
| 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.
| 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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