Financial Results : AMAK net profit down 21% to SAR 32.9 mln in Q1 2023

AMAK net profit down 21% to SAR 32.9 mln in Q1 2023

15/05/2023 Argaam Exclusive

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Al Masane Al Kobra Mining Co. (AMAK) net profit slumped 21% to SAR 32.9 million in Q1 2023 from SAR 41.8 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 157.99 143.03 (9.5 %)
Gross Income 68.06 48.72 (28.4 %)
Operating Income 49.66 37.26 (25.0 %)
Net Income 41.82 32.86 (21.4 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.46 0.37 (21.4 %)

The profit decline was attributed to lower volume and selling price of copper, as well as an increase in the cost of sales due to high amortization, raw materials expenses and severance fees.

 

However, the company reported an increase in the value of gold and zinc sales, a decrease in selling and marketing expenses, lower general and administrative expenses since IPO costs were booked in Q1 2022 and an increase in other revenues.

 

Sequentially, AMAK’s net profit rose 52.9% from SAR 21.50 million in Q4 2022.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.25 billion as of March 31, 2023, compared to SAR 1.29 billion a year earlier.

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