AMAK 2021 profit surges to SAR 197.3 mln; Q4 at SAR 62.7 mln
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Al Masane Al Kobra Mining Co. (AMAK) reported a net profit after Zakat and tax of SAR 197.3 million in 2021, compared to SAR 88.8 million in the year-earlier period.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 375.15 | 586.65 | 56.4 % |
| Gross Income | 125.26 | 267.70 | 113.7 % |
| Operating Income | 88.74 | 216.61 | 144.1 % |
| Net Income | 88.80 | 197.27 | 122.1 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.99 | 2.19 | 122.1 % |
The higher earnings were due to the commissioning of new Guyan Gold Mine and start of its commercial production in 2021. This led to an increase in gold sales by 176%, and higher average realized sales prices of all products during the year.
However, the company reported increase in costs and expenses due to the start of commercial production of gold mine. In addition, Zakat expenses increased.
The company’s Q4 2021 net profit after Zakat and tax climbed 8% to SAR 62.7 million from SAR 58.3 million in Q4 2020.
Sequentially, profit climbed 49.9% from SAR 41.82 million in Q3 2021.
Current Quarter Comparison (M)
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 140.28 | 172.20 | 22.8 % |
| Gross Income | 55.48 | 82.50 | 48.7 % |
| Operating Income | 46.09 | 72.52 | 57.3 % |
| Net Income | 58.25 | 62.74 | 7.7 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.65 | 0.70 | 7.7 % |
Total shareholders’ equity, excluding minority interest, rose to SAR 648.4 million in 2021, from SAR 452 million in 2020.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2021 | 117.59 | 76.8 % | 47.11 | 226.8 % | 35.99 | 599.0 % |
| Q2 2021 | 146.62 | 86.6 % | 71.50 | 200.9 % | 56.51 | 265.3 % |
| Q3 2021 | 150.25 | 67.3 % | 66.58 | 110.7 % | 51.60 | 134.2 % |
| Q4 2021 | 172.20 | 22.8 % | 82.50 | 48.7 % | 72.52 | 57.3 % |
| 2021 | 586.65 | 56.4 % | 267.70 | 113.7 % | 216.61 | 144.1 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2021 | 34.32 | 2000.6 % | 0.38 | - | 34.32 | 0.38 |
| Q2 2021 | 58.43 | 421.8 % | 0.65 | - | 58.43 | 0.65 |
| Q3 2021 | 41.82 | 155.2 % | 0.46 | - | 41.82 | 0.46 |
| Q4 2021 | 62.74 | 7.7 % | 0.70 | - | 62.74 | 0.70 |
| 2021 | 197.27 | 122.1 % | 2.19 | - | 197.27 | 2.19 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2021 | 37.06 % | 39.50 % | 28.19 % |
| Q2 2021 | 41.62 % | 46.91 % | 33.87 % |
| Q3 2021 | 43.39 % | 48.72 % | 34.76 % |
| Q4 2021 | 45.63 % | 52.81 % | 33.63 % |
| 2021 | 45.63 % | 52.81 % | 33.63 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2021 | 90.00 | 1.34 | 1.34 | 5.40 |
| Q2 2021 | 90.00 | 1.86 | 1.86 | 6.05 |
| Q3 2021 | 90.00 | 2.14 | 2.14 | 6.51 |
| Q4 2021 | 90.00 | 2.19 | 2.19 | 7.20 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2021 | - | - | - |
| Q2 2021 | - | - | - |
| Q3 2021 | - | - | - |
| Q4 2021 | - | - | - |
Business Segments (Million)
Q4 2021
| Period | Factories mine | Guyan mountain mine |
|---|---|---|
| Q3 2021 | 125.71 | 24.54 |
| Q4 2021 | 130.47 | 41.72 |
| Current | |
| Market Cap (M Riyal) | 6,264.00 |
| Enterprise Value (EV) (M) | 6,372.06 |
| Shares Outstanding ((M)) | 90.00 |
| EPS ( Riyal) (TTM) | 1.58 |
| Book Value (BV) ( Riyal) | 13.52 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 43.92 |
| P/E (TTM) | 43.92 |
| Price/book | 5.15 |
| Return on Average Assets (%) (TTM) | 9.4 |
| Return on Average Equity (%) (TTM) | 11.7 |
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