AMAK net profit down 22% to SAR 104.8 mln in 9M 2022, Q3 at SAR 22.6 mln

01/11/2022 Argaam Exclusive

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Al Masane Al Kobra Mining Co. (AMAK) reported a net profit after Zakat and tax of SAR 104.8 million in the first nine months of 2022, a 22% decline from SAR 134.6 million in the year-ago period.

The profit decline was attributed to lower selling price of copper, decreased zinc sales, and, higher general and administrative expenses, which were the result of the company’s registration of its share and expenses related to the initial public offering. In addition, AMAK noted an increase in income tax expense.

This came despite a decrease in selling and marketing expenses and an increase in other revenues.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	414.46	427.90	3.2 %
Gross Income	185.20	161.26	(12.9 %)
Operating Income	144.10	116.73	(19.0 %)
Net Income	134.57	104.83	(22.1 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.50	1.16	(22.1 %)

In Q3 2022, the net profit fell 46% to SAR 22.6 million, from SAR 41.8 million in the year-before period.

Sequentially, the company’s net profit retreated 44% from SAR 40.4 million in Q2 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	150.25	125.27	(16.6 %)
Gross Income	66.58	36.36	(45.4 %)
Operating Income	51.60	25.48	(50.6 %)
Net Income	41.82	22.60	(46.0 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.46	0.25	(46.0 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	144.64	125.27	(13.4 %)
Gross Income	56.85	36.36	(36.0 %)
Operating Income	41.60	25.48	(38.8 %)
Net Income	40.41	22.60	(44.1 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.45	0.25	(44.1 %)

Shareholders’ equity, no minority interest, rose to SAR 1.231 billion as of Sept. 30, 2022, from SAR 586.009 million in the year-earlier period.

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