AMAK 9M 2023 profit sinks 54% to SAR 48.6 mln; Q3 at SAR 5.2 mln

01/11/2023 Argaam Exclusive

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Al Masane Al Kobra Mining Co. (AMAK) posted a 54% profit slump in the first nine months of 2023 to SAR 48.6 million, compared to SAR 104.8 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	427.90	373.15	(12.8 %)
Gross Income	161.26	94.94	(41.1 %)
Operating Income	116.73	52.58	(55.0 %)
Net Income	104.83	48.64	(53.6 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.16	0.54	(53.6 %)

The nine-month profit was hurt by higher zinc prices, as well as the decline in sales volumes of copper and gold.

This was coupled with the increased cost of sales due to high amortization and raw materials expenses as well as soaring general and administrative expenses. This came as the company posted stock-based compensation expenses for employees.

However, this drop was offset by a rise in gold prices, zinc sales volumes, and other income, along with lower selling and marketing expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	125.27	110.18	(12.0 %)
Gross Income	36.36	19.88	(45.3 %)
Operating Income	25.48	5.27	(79.3 %)
Net Income	22.60	5.18	(77.1 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.25	0.06	(77.1 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	119.94	110.18	(8.1 %)
Gross Income	26.33	19.88	(24.5 %)
Operating Income	10.05	5.27	(47.6 %)
Net Income	10.61	5.18	(51.2 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.12	0.06	(51.2 %)

AMAK’s third-quarter bottom line fell 77.1% to SAR 5.2 million from SAR 22.6 million in the year before.

Sequentially, the Q3 profit plummeted by 51.2% from SAR 10.61 million amid higher Zakat and tax expenses as well as lower other income. This was despite a quarter-on-quarter slump in financing costs and general and administrative expenses.

Shareholders’ equity, no minority interest, contracted to SAR 1.21 billion as of Sept. 30, 2023, from SAR 1.23 billion a year earlier.

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