Al Masane Al Kobra Mining Co. (AMAK) reported a net profit after Zakat and tax of SAR 41.8 million in Q1 2022, up 22% compared to SAR 34.3 million in the year-earlier period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 117.59 | 157.99 | 34.4 % |
| Gross Income | 47.11 | 68.06 | 44.5 % |
| Operating Income | 35.99 | 49.66 | 38.0 % |
| Net Income | 34.32 | 41.82 | 21.8 % |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.38 | 0.46 | 21.8 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 172.20 | 157.99 | (8.2 %) |
| Gross Income | 82.50 | 68.06 | (17.5 %) |
| Operating Income | 72.52 | 49.66 | (31.5 %) |
| Net Income | 62.74 | 41.82 | (33.3 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.70 | 0.46 | (33.3 %) |
The rise in profit was driven by higher revenue from base and precious metals segment, despite an increase in general and administrative, selling and marketing, and Zakat expenses.
Net profit after Zakat and tax fell 33.3% from SAR 62.7 million in Q4 2021, mainly due to lower revenue following a decrease in production and sales volume of most metals as the company carried out maintenance and improvement works.
AMAK also noted an increase in general and administrative and Zakat expenses.
Shareholders’ equity, after minority interest, increased to SAR 1.295 billion as of March 31, 2022, from SAR 486.309 million a year earlier.
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