AMAK profit drops 57% to SAR 54.6M in 2023; Q4 at SAR 5.9M
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Al Masane Al Kobra Mining Co. (AMAK) reported a fall of 57% in its 2023 net profit to SAR 54.6 million, compared to SAR 126.3 million in 2022.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 582.77 | 487.90 | (16.3 %) |
| Gross Income | 208.36 | 115.90 | (44.4 %) |
| Operating Income | 150.68 | 66.96 | (55.6 %) |
| Net Income | 126.33 | 54.58 | (56.8 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 1.40 | 0.61 | (56.8 %) |
Revenues fell by 16% (SAR 95 million) year-on-year (YoY) in 2023 on lower prices of all metals, except for gold. Sales volumes of copper and gold also tumbled last year, leading to a YoY drop of 44% (SAR 92 million) in gross profit.
This was offset by lower finance costs, as well as selling, marketing and Zakat expenses in 2023.
In Q4 2023, AMAK’s net profit plunged 72% to SAR 5.9 million, from SAR 21.5 million in the year-before period.
Sequentially, net profit rose by 14.7% from SAR 5.18 million in Q3 2023.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 154.87 | 114.75 | (25.9 %) |
| Gross Income | 47.10 | 20.96 | (55.5 %) |
| Operating Income | 33.94 | 6.08 | (82.1 %) |
| Net Income | 21.50 | 5.94 | (72.4 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 0.24 | 0.07 | (72.4 %) |
Shareholders’ equity, no minority interest, was almost unchanged at SAR 1.22 billion as of Dec. 31, 2023.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2023 | 143.03 | (9.5 %) | 48.72 | (28.4 %) | 32.86 | (21.4 %) | 0.37 |
| Q2 2023 | 119.94 | (17.1 %) | 26.33 | (53.7 %) | 10.61 | (73.7 %) | 0.12 |
| Q3 2023 | 110.18 | (12.0 %) | 19.88 | (45.3 %) | 5.18 | (77.1 %) | 0.06 |
| Q4 2023 | 114.75 | (25.9 %) | 20.96 | (55.5 %) | 5.94 | (72.4 %) | 0.07 |
| 2023 | 487.90 | (16.3 %) | 115.90 | (44.4 %) | 54.58 | (56.8 %) | 0.61 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 33.29 % | 44.61 % | 21.86 % |
| Q2 2023 | 29.19 % | 42.54 % | 18.38 % |
| Q3 2023 | 26.90 % | 41.08 % | 16.13 % |
| Q4 2023 | 23.75 % | 40.17 % | 13.34 % |
| 2023 | 23.75 % | 40.17 % | 13.34 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 90.00 | 1.30 | 1.38 | 13.92 |
| Q2 2023 | 90.00 | 0.97 | 1.11 | 13.38 |
| Q3 2023 | 90.00 | 0.78 | 0.95 | 13.47 |
| Q4 2023 | 90.00 | 0.61 | 0.72 | 13.56 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 41.85 | 39.58 | 3.92 |
| Q2 2023 | 58.58 | 51.40 | 4.26 |
| Q3 2023 | 66.85 | 55.05 | 3.87 |
| Q4 2023 | 93.65 | 78.55 | 4.26 |
Business Segments (Million)
Q4 2023
| Period | Factories mine | Guyan mountain mine |
|---|---|---|
| Q1 2023 | 96.01 | 47.02 |
| Q2 2023 | 77.35 | 42.59 |
| Q3 2023 | 74.88 | 35.30 |
| Q4 2023 | 79.70 | 35.05 |
Analysts Estimates (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Average | 12.00 | 5.94 | (50.5 %) |
Estimates vs Actual (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| GIB Capital | 12.00 | 5.94 | (50.5) % |
| Current | |
| Market Cap (M Riyal) | 5,715.00 |
| Enterprise Value (EV) (M) | 5,812.03 |
| Shares Outstanding ((M)) | 90.00 |
| EPS ( Riyal) (TTM) | 0.41 |
| Book Value (BV) ( Riyal) | 12.97 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | More than 100 |
| P/E (TTM) | More than 100 |
| Price/book | 4.89 |
| Return on Average Assets (%) (TTM) | 2.4 |
| Return on Average Equity (%) (TTM) | 3.0 |
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