AMAK profit drops 57% to SAR 54.6M in 2023; Q4 at SAR 5.9M

04/03/2024 Argaam Exclusive

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Al Masane Al Kobra Mining Co. (AMAK) reported a fall of 57% in its 2023 net profit to SAR 54.6 million, compared to SAR 126.3 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	582.77	487.90	(16.3 %)
Gross Income	208.36	115.90	(44.4 %)
Operating Income	143.95	56.47	(60.8 %)
Net Income	126.33	54.58	(56.8 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.40	0.61	(56.8 %)

Revenues fell by 16% (SAR 95 million) year-on-year (YoY) in 2023 on lower prices of all metals, except for gold. Sales volumes of copper and gold also tumbled last year, leading to a YoY drop of 44% (SAR 92 million) in gross profit.

This was offset by lower finance costs, as well as selling, marketing and Zakat expenses in 2023.

In Q4 2023, AMAK’s net profit plunged 72% to SAR 5.9 million, from SAR 21.5 million in the year-before period.

Sequentially, net profit rose by 14.7% from SAR 5.18 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	154.87	114.75	(25.9 %)
Gross Income	47.10	20.96	(55.5 %)
Operating Income	27.21	3.89	(85.7 %)
Net Income	21.50	5.94	(72.4 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.24	0.07	(72.4 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	110.18	114.75	4.1 %
Gross Income	19.88	20.96	5.4 %
Operating Income	5.27	3.89	(26.2 %)
Net Income	5.18	5.94	14.7 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.06	0.07	14.7 %

Shareholders’ equity, no minority interest, was almost unchanged at SAR 1.22 billion as of Dec. 31, 2023.

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