Al Masane Al Kobra Mining Co. (AMAK) reported a fall of 36% in its 2022 net profit to SAR 126.3 million, compared to SAR 197.3 million in 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 586.65 | 582.77 | (0.7 %) |
| Gross Income | 267.70 | 208.36 | (22.2 %) |
| Operating Income | 216.61 | 150.68 | (30.4 %) |
| Net Income | 197.27 | 126.33 | (36.0 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 2.19 | 1.40 | (36.0 %) |
The profit drop was attributed to a decline in the selling prices of copper, and zinc sales volumes.
The company also reported higher general and administrative expenses (G&A), as it incurred expenses related to the initial public offering and other expenses for share-based compensation in Q4 2022.
The zinc and copper producer also recorded an increase in tax, Zakat and severance fee expenses, despite the increase in gold sales value and volume.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 172.20 | 154.87 | (10.1 %) |
| Gross Income | 82.50 | 47.10 | (42.9 %) |
| Operating Income | 72.52 | 33.94 | (53.2 %) |
| Net Income | 62.74 | 21.50 | (65.7 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.70 | 0.24 | (65.7 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 125.27 | 154.87 | 23.6 % |
| Gross Income | 36.36 | 47.10 | 29.5 % |
| Operating Income | 25.48 | 33.94 | 33.2 % |
| Net Income | 22.60 | 21.50 | (4.9 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.25 | 0.24 | (4.9 %) |
In Q4 2022, AMAK’s net profit plunged 66% to SAR 21.5 million, from SAR 62.7 million in the year-before period.
Net profit also decreased by 4.9% in Q4 2022 from SAR 22.60 million in Q3 2022.
Shareholders’ equity, no minority interest, rose to SAR 1.22 billion as of Dec. 31, 2022, from SAR 648.43 million a year earlier.
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