Financial Results : AMAK profit up 77% to SAR 76.9M in H1 2024; Q2 at SAR 61.8M

AMAK profit up 77% to SAR 76.9M in H1 2024; Q2 at SAR 61.8M

04/08/2024 Argaam Exclusive

View other reports

Almasane Alkobra Mining Co. (AMAK) reported a net profit of SAR 76.9 million in H1 2024, a rise of 77% from SAR 43.5 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 262.96 337.81 28.5 %
Gross Income 75.05 116.81 55.6 %
Operating Income 47.31 82.47 74.3 %
Net Income 43.46 76.94 77.0 %
Average Shares 90.00 90.00 -
EPS (Riyals) 0.48 0.85 77.0 %
This was attributed to a 56% year-on-year (YoY) rise in gross profit to SAR 116.8 million, along with reduced financing costs, and higher prices for copper, zinc, and gold. Additionally, there was an uptick in sales volumes of copper and zinc.
 
This was despite increased sales and marketing expenses, decreased other income, and reduced quantities of gold sold. 


Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 119.94 203.31 69.5 %
Gross Income 26.33 81.80 210.6 %
Operating Income 10.05 64.60 542.6 %
Net Income 10.61 61.82 482.7 %
Average Shares 90.00 90.00 -
EPS (Riyals) 0.12 0.69 482.7 %

Q2 2024 net profit soared to SAR 61.8 million from SAR 10.6 million in Q2 2023, on higher prices for copper, zinc and gold, along with jump in quantities sold of copper and zinc.

 

Sequentially, Q2 net profit surged from SAR 15.13 million in Q1 2024.

 

Shareholders’ equity, no minority interest, stood at SAR 1.24 billion at the end of June 2024, compared to SAR 1.20 billion a year ago.

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.