AMAK net profit down 22% to SAR 104.8 mln in 9M 2022, Q3 at SAR 22.6 mln
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Al Masane Al Kobra Mining Co. (AMAK) reported a net profit after Zakat and tax of SAR 104.8 million in the first nine months of 2022, a 22% decline from SAR 134.6 million in the year-ago period.
The profit decline was attributed to lower selling price of copper, decreased zinc sales, and, higher general and administrative expenses, which were the result of the company’s registration of its share and expenses related to the initial public offering. In addition, AMAK noted an increase in income tax expense.
This came despite a decrease in selling and marketing expenses and an increase in other revenues.
Financials (M)
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 414.46 | 427.90 | 3.2 % |
| Gross Income | 185.20 | 161.26 | (12.9 %) |
| Operating Income | 144.10 | 116.73 | (19.0 %) |
| Net Income | 134.57 | 104.83 | (22.1 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 1.50 | 1.16 | (22.1 %) |
In Q3 2022, the net profit fell 46% to SAR 22.6 million, from SAR 41.8 million in the year-before period.
Sequentially, the company’s net profit retreated 44% from SAR 40.4 million in Q2 2022.
Current Quarter Comparison (M)
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 150.25 | 125.27 | (16.6 %) |
| Gross Income | 66.58 | 36.36 | (45.4 %) |
| Operating Income | 51.60 | 25.48 | (50.6 %) |
| Net Income | 41.82 | 22.60 | (46.0 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.46 | 0.25 | (46.0 %) |
Shareholders’ equity, no minority interest, rose to SAR 1.231 billion as of Sept. 30, 2022, from SAR 586.009 million in the year-earlier period.
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 %) |
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 |
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 % |
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 |
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 |
Business Segments (Million)
Q3 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 |
| Current | |
| Market Cap (M Riyal) | 6,057.00 |
| Enterprise Value (EV) (M) | 6,165.06 |
| 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) | 42.46 |
| P/E (TTM) | 42.46 |
| Price/book | 4.98 |
| Return on Average Assets (%) (TTM) | 9.4 |
| Return on Average Equity (%) (TTM) | 11.7 |
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