AMAK H1 2022 net profit down 11% to SAR 82.2 mln; Q2 at SAR 40.4 mln

AMAK H1 2022 net profit down 11% to SAR 82.2 mln; Q2 at SAR 40.4 mln

09/08/2022 Argaam Exclusive

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Al Masane Al Kobra Mining Co. (AMAK) reported a net profit after Zakat and tax of SAR 82.2 million in the first six months of 2022, a decline of 11% from SAR 92.8 million a year earlier.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 264.21 302.64 14.5 %
Gross Income 118.61 124.91 5.3 %
Operating Income 92.50 91.26 (1.3 %)
Net Income 92.75 82.23 (11.3 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 1.03 0.91 (11.3 %)

The earnings decrease was attributed to higher general and administrative (G&A) expenses as a result of the company’s registration of its share of the fees and expenses related to its initial public offering (IPO). This is in addition to the increase in selling and marketing expenses as well as Zakat charges, besides registering a credit tax in the same period last year.

 

In Q2 2022, net profit after Zakat and tax fell 31% to SAR 40.4 million, from SAR 58.4 million in the year-earlier period.

 

On a sequential basis, net profit dropped 3.4% from SAR 41.8 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 146.62 144.64 (1.3 %)
Gross Income 71.50 56.85 (20.5 %)
Operating Income 56.51 41.60 (26.4 %)
Net Income 58.43 40.41 (30.8 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.65 0.45 (30.8 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 1.337 billion by the end of H1 2022, compared to SAR 544.2 million in the year-earlier period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 66.49 - 14.41 - 5.15 -
Q2 2020 78.59 - 23.76 - 15.47 -
Q3 2020 89.79 - 31.61 - 22.03 -
Q4 2020 140.28 - 55.48 - 46.09 -
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 %
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 1.63 - 0.02 - 1.63 0.02
Q2 2020 11.20 - 0.12 - 11.20 0.12
Q3 2020 16.39 - 0.18 - 16.39 0.18
Q4 2020 58.25 - 0.65 - 58.25 0.65
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
Q1 2022 41.82 21.8 % 0.46 - 41.82 0.46
Q2 2022 40.41 (30.8 %) 0.45 - 40.41 0.45

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 33.39 % 31.45 % 23.31 %
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 %
Q1 2022 46.03 % 52.50 % 32.66 %
Q2 2022 43.83 % 50.95 % 29.88 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 90.00 - - -
Q2 2020 90.00 - - -
Q3 2020 90.00 - - -
Q4 2020 90.00 0.97 0.97 5.02
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
Q1 2022 90.00 2.28 2.28 14.39
Q2 2022 90.00 2.08 2.08 14.86

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 27.08 27.08 4.28
Q2 2022 27.50 27.50 3.84

Business Segments (Million)

Compared With The
Period Factories mine Guyan mountain mine
Q3 2021 125.71 24.54
Q4 2021 130.47 41.72
Q1 2022 117.33 40.66
Q2 2022 99.78 44.86


Financial Ratios
Current
Market Cap (M Riyal) 6,075.00
Enterprise Value (EV) (M) 6,183.06
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) 42.59
P/E (TTM) 42.59
Price/book 4.99
Return on Average Assets (%) (TTM) 9.4
Return on Average Equity (%) (TTM) 11.7
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Share Price

Almasane Alkobra Mining Co.
67.50
(0.20) (0.30 %)

Almasane Alkobra Mining Co. (AMAK)

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