AMAK profit jumps to SAR 136.7M in 9M 2024, SAR 59.8M in Q3

29/10/2024 Argaam Exclusive

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Al Masane Al Kobra Mining Co. (AMAK) posted a net profit of SAR 136.7 million in the first nine months of 2024, leaping from SAR 48.6 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	373.15	553.77	48.4 %
Gross Income	94.94	197.66	108.2 %
Operating Income	52.58	148.59	182.6 %
Net Income	48.64	136.70	181.0 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.54	1.52	181.0 %

The nine-month profit was boosted by a 48% (SAR 181 million) year-on-year (YoY) revenue hike on higher sales volumes of copper and zinc, coupled with the increased prices of copper, zinc, and gold.

The company also recorded a YoY surge of 108% (SAR 103 million) in gross profit and a decrease in finance costs. This was despite higher selling, marketing and Zakat expenses, as well as lower other income.

AMAK’s third-quarter bottom line soared to SAR 59.75 million, from SAR 5.2 million in the year before, as revenues leapt 96% (SAR 106 million) on higher sales volumes of copper, zinc, and gold, with prices of copper, zinc, and gold also growing on annual basis.

Sequentially, the Q3 profit fell by 3.3% from SAR 61.82 million, although revenues added 6% (SAR 13 million) quarter-on-quarter (QoQ) amid higher sales volumes of gold. However, copper sales volumes slumped on a quarterly basis in Q3 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	110.18	215.96	96.0 %
Gross Income	19.88	80.85	306.6 %
Operating Income	5.27	66.12	1155.6 %
Net Income	5.18	59.75	1053.6 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.06	0.66	1053.6 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	203.31	215.96	6.2 %
Gross Income	81.80	80.85	(1.2 %)
Operating Income	64.60	66.12	2.4 %
Net Income	61.82	59.75	(3.3 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.69	0.66	(3.3 %)

Shareholders’ equity, no minority interest, reached SAR 1.216 billion as of Sept. 30, 2024, from SAR 1.211 billion a year earlier.

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