AMAK profit drops 36% to SAR 126.3 mln in 2022, Q4 at SAR 21.5 mln
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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.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 586.65 | 582.77 | (0.7 %) |
| Gross Income | 267.70 | 208.36 | (22.2 %) |
| Operating Income | 216.61 | 143.95 | (33.5 %) |
| 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.
Current Quarter Comparison (M)
| 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 | 27.21 | (62.5 %) |
| Net Income | 62.74 | 21.50 | (65.7 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.70 | 0.24 | (65.7 %) |
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.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2022 | 157.99 | 34.4 % | 68.06 | 44.5 % | 49.66 | 38.0 % |
| Q2 2022 | 144.64 | (1.3 %) | 56.85 | (20.5 %) | 41.60 | (26.4 %) |
| Q3 2022 | 125.27 | (16.6 %) | 36.36 | (45.4 %) | 25.48 | (50.6 %) |
| Q4 2022 | 154.87 | (10.1 %) | 47.10 | (42.9 %) | 27.21 | (62.5 %) |
| 2022 | 582.77 | (0.7 %) | 208.36 | (22.2 %) | 143.95 | (33.5 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 41.82 | 21.8 % | 0.46 | - | 41.82 | 0.46 |
| Q2 2022 | 40.41 | (30.8 %) | 0.45 | - | 40.41 | 0.45 |
| Q3 2022 | 22.60 | (46.0 %) | 0.25 | - | 22.60 | 0.25 |
| Q4 2022 | 21.50 | (65.7 %) | 0.24 | - | 21.50 | 0.24 |
| 2022 | 126.33 | (36.0 %) | 1.40 | - | 126.33 | 1.40 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 46.03 % | 52.50 % | 32.66 % |
| Q2 2022 | 43.83 % | 50.95 % | 29.88 % |
| Q3 2022 | 40.62 % | 49.71 % | 27.92 % |
| Q4 2022 | 35.75 % | 43.48 % | 21.68 % |
| 2022 | 35.75 % | 43.48 % | 21.68 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 90.00 | 2.28 | 2.28 | 14.39 |
| Q2 2022 | 90.00 | 2.08 | 2.08 | 14.86 |
| Q3 2022 | 90.00 | 1.86 | 1.86 | 13.68 |
| Q4 2022 | 90.00 | 1.40 | 1.40 | 13.56 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | 27.08 | 27.08 | 4.28 |
| Q2 2022 | 27.50 | 27.50 | 3.84 |
| Q3 2022 | 31.44 | 31.44 | 4.28 |
| Q4 2022 | 37.58 | 37.58 | 3.89 |
Business Segments (Million)
Q4 2022
| Period | Factories mine | Guyan mountain mine |
|---|---|---|
| Q1 2022 | 117.33 | 40.66 |
| Q2 2022 | 99.78 | 44.86 |
| Q3 2022 | 87.16 | 38.11 |
| Q4 2022 | 103.51 | 51.36 |
| Current | |
| Market Cap (M Riyal) | 6,039.00 |
| Enterprise Value (EV) (M) | 6,147.06 |
| 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) | 42.34 |
| P/E (TTM) | 42.34 |
| Price/book | 4.96 |
| Return on Average Assets (%) (TTM) | 9.4 |
| Return on Average Equity (%) (TTM) | 11.7 |
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