AMAK H1 profit falls 47% to SAR 43.5 mln; Q2 at SAR 10.6 mln

06/08/2023 Argaam Exclusive

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Al Masane Al Kobra Mining Co. (AMAK) reported a net profit of SAR 43.5 million in the first six months of 2023, a drop of 47% from SAR 82.2 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	302.64	262.96	(13.1 %)
Gross Income	124.91	75.05	(39.9 %)
Operating Income	91.26	47.31	(48.2 %)
Net Income	82.23	43.46	(47.1 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.91	0.48	(47.1 %)

This was due to lower prices of copper and zinc, as well as a decrease in copper and gold sales volumes. The company also cited an increase in the cost of sales on account of higher amortization and raw materials expenses, in addition to a rise in general and administrative expenses as a result of share-based compensation expenses for employees booked despite higher prices of gold and silver.

In Q2 2023, net earnings plunged 74% year-on-year (YoY) to SAR 10.6 million from SAR

40.4 million.

The second-quarter profit decline was mainly attributed to lower prices of copper and zinc, as well as a pullback in copper and gold sales volumes.

On a sequential basis, the second-quarter net profit dropped 67.7% from SAR 32.8 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	144.64	119.94	(17.1 %)
Gross Income	56.85	26.33	(53.7 %)
Operating Income	41.60	10.05	(75.8 %)
Net Income	40.41	10.61	(73.7 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.45	0.12	(73.7 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	143.03	119.94	(16.1 %)
Gross Income	48.72	26.33	(46.0 %)
Operating Income	37.26	10.05	(73.0 %)
Net Income	32.86	10.61	(67.7 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.37	0.12	(67.7 %)

Total shareholders’ equity, no minority interest, stood at SAR 1.20 billion by the end of H1 2023, compared to SAR 1.33 billion in the year-earlier period.

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