AMAK profit more than triples to SAR 177.9M in 2024; Q4 at SAR 41.2M

24/02/2025 Argaam Exclusive

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Al Masane Al Kobra Mining Co. (AMAK) reported a 225% surge in its 2024 net profit to SAR 177.9 million, compared to SAR 54.6 million in 2023.

Financials (M)

Item	2023	2024	Change‬
Revenues	487.90	780.65	60.0 %
Gross Income	123.44	288.33	133.6 %
Operating Income	64.01	222.35	247.4 %
Net Income	54.58	177.90	225.9 %
Average Shares	74.64	88.36	18.4 %
Earnings Per Share before unusual items (Riyals)	0.73	2.01	175.3 %
EPS (Riyals)	0.73	2.01	175.3 %

Revenues rose by SAR 293 million year-on-year (YoY) due to higher sales value and volume of copper, zinc and gold. Gross profit grew by 134% YoY.

This was offset by higher selling, marketing expenses and severance expenses, along with a decrease in other income.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	114.75	226.88	97.7 %
Gross Income	28.50	90.67	218.1 %
Operating Income	11.43	73.77	545.3 %
Net Income	5.94	41.20	593.8 %
Average Shares	74.64	88.36	18.4 %
Earnings Per Share before unusual items (Riyals)	0.08	0.47	486.1 %
EPS (Riyals)	0.08	0.47	486.1 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	215.96	226.88	5.1 %
Gross Income	80.85	90.67	12.1 %
Operating Income	66.12	73.77	11.6 %
Net Income	59.75	41.20	(31.0 %)
Average Shares	88.36	88.36	-
Earnings Per Share before unusual items (Riyals)	0.68	0.47	(31.0 %)
EPS (Riyals)	0.68	0.47	(31.0 %)

In Q4 2024, AMAK’s net profit skyrocketed by 593.8% to SAR 41.20 million, from SAR 5.94 million in the year-before period.

Sequentially, net profit fell by 31% from SAR 59.75 million in Q3 2024.

Shareholders’ equity, no minority interest, stood at SAR 1.25 billion as of Dec. 31, 2024, from SAR 1.22 billion a year earlier.

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Quarterly Actuals vs Estimates 24/02/202524/02/2025

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
LUMI	40.95	49.45	20.8 %
ADES	190.40	207.05	8.7 %
AMAK	48.00	41.20	(14.2 %)
NADEC	220.00	91.54	(58.4 %)

Company	Estimated	Actual	Change
LUMI	40.95	49.45	20.8 %
ADES	190.40	207.05	8.7 %

Company	Estimated	Actual	Change
NADEC	220.00	91.54	(58.4 %)
AMAK	48.00	41.20	(14.2 %)

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