AMAK profit drops 57% to SAR 54.6M in 2023; Q4 at SAR 5.9M

04/03/2024 Argaam Exclusive

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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	143.95	56.47	(60.8 %)
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)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	154.87	114.75	(25.9 %)
Gross Income	47.10	20.96	(55.5 %)
Operating Income	27.21	3.89	(85.7 %)
Net Income	21.50	5.94	(72.4 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.24	0.07	(72.4 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	110.18	114.75	4.1 %
Gross Income	19.88	20.96	5.4 %
Operating Income	5.27	3.89	(26.2 %)
Net Income	5.18	5.94	14.7 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.06	0.07	14.7 %

Shareholders’ equity, no minority interest, was almost unchanged at SAR 1.22 billion as of Dec. 31, 2023.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	136.63	-	(56.44)	-	(81.23)	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	263.39	92.8 %	69.02	222.3 %	28.36	134.9 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	297.84	13.1 %	80.88	17.2 %	40.19	41.7 %
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	-
2020	375.15	26.0 %	125.26	54.9 %	88.74	120.8 %
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 %
2021	586.65	56.4 %	267.70	113.7 %	216.61	144.1 %
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 %)
Q1 2023	143.03	(9.5 %)	48.72	(28.4 %)	37.26	(25.0 %)
Q2 2023	119.94	(17.1 %)	26.33	(53.7 %)	10.05	(75.8 %)
Q3 2023	110.18	(12.0 %)	19.88	(45.3 %)	5.27	(79.3 %)
Q4 2023	114.75	(25.9 %)	20.96	(55.5 %)	3.89	(85.7 %)
2023	487.90	(16.3 %)	115.90	(44.4 %)	56.47	(60.8 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	136.63	-	(56.44)	-	(81.23)	-
2018	263.39	92.8 %	69.02	222.3 %	28.36	134.9 %
2019	297.84	13.1 %	80.88	17.2 %	40.19	41.7 %
2020	375.15	26.0 %	125.26	54.9 %	88.74	120.8 %
2021	586.65	56.4 %	267.70	113.7 %	216.61	144.1 %
2022	582.77	(0.7 %)	208.36	(22.2 %)	143.95	(33.5 %)
2023	487.90	(16.3 %)	115.90	(44.4 %)	56.47	(60.8 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	(87.80)	-	(0.98)	-	(87.80)	(0.98)
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	15.87	118.1 %	0.18	-	15.87	0.18
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	27.29	72.0 %	0.30	-	27.29	0.30
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
2020	88.80	225.4 %	0.99	-	88.80	0.99
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
2021	197.27	122.1 %	2.19	-	197.27	2.19
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
Q1 2023	32.86	(21.4 %)	0.37	-	32.86	0.37
Q2 2023	10.61	(73.7 %)	0.12	-	10.61	0.12
Q3 2023	5.18	(77.1 %)	0.06	-	5.18	0.06
Q4 2023	5.94	(72.4 %)	0.07	-	5.94	0.07
2023	54.58	(56.8 %)	0.61	-	54.58	0.61

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	(87.80)	-	(0.98)	-	(87.80)	(0.98)
2018	15.87	118.1 %	0.18	-	15.87	0.18
2019	27.29	72.0 %	0.30	-	27.29	0.30
2020	88.80	225.4 %	0.99	-	88.80	0.99
2021	197.27	122.1 %	2.19	-	197.27	2.19
2022	126.33	(36.0 %)	1.40	-	126.33	1.40
2023	54.58	(56.8 %)	0.61	-	54.58	0.61

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	(41.31 %)	18.71 %	(64.26 %)
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	26.20 %	42.05 %	6.02 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	27.16 %	34.13 %	9.16 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	33.39 %	31.45 %	23.31 %
2020	33.39 %	39.23 %	23.67 %
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 %
2021	45.63 %	52.81 %	33.63 %
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 %
Q1 2023	33.29 %	43.42 %	20.67 %
Q2 2023	29.19 %	40.28 %	16.12 %
Q3 2023	26.90 %	38.24 %	13.29 %
Q4 2023	23.75 %	38.02 %	11.19 %
2023	23.75 %	38.02 %	11.19 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	(41.31 %)	18.71 %	(64.26 %)
2018	26.20 %	42.05 %	6.02 %
2019	27.16 %	34.13 %	9.16 %
2020	33.39 %	39.23 %	23.67 %
2021	45.63 %	52.81 %	33.63 %
2022	35.75 %	43.48 %	21.68 %
2023	23.75 %	38.02 %	11.19 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	21.68 %	-	2.46 %
Q2 2020	30.23 %	-	14.25 %
Q3 2020	35.20 %	39.82 %	18.25 %
Q4 2020	39.55 %	43.92 %	41.52 %
Q1 2021	40.06 %	47.24 %	29.19 %
Q2 2021	48.77 %	53.84 %	39.85 %
Q3 2021	44.32 %	49.35 %	27.83 %
Q4 2021	47.91 %	58.76 %	36.43 %
Q1 2022	43.08 %	47.41 %	26.47 %
Q2 2022	39.30 %	47.17 %	27.94 %
Q3 2022	29.02 %	43.11 %	18.04 %
Q4 2022	30.41 %	36.32 %	13.88 %
Q1 2023	34.06 %	47.60 %	22.97 %
Q2 2023	21.96 %	33.73 %	8.85 %
Q3 2023	18.05 %	33.69 %	4.70 %
Q4 2023	18.27 %	34.73 %	5.18 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2022	90.00	1.86	1.86	13.68
Q4 2022	90.00	1.40	1.40	13.56
Q1 2023	90.00	1.30	1.30	13.92
Q2 2023	90.00	0.97	0.97	13.38
Q3 2023	90.00	0.78	0.78	13.47
Q4 2023	90.00	0.61	0.61	13.56

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	90.00	(0.98)	(0.98)	5.01
2018	90.00	0.18	0.18	5.22
2019	90.00	0.30	0.30	4.68
2020	90.00	0.99	0.99	5.02
2021	90.00	2.19	2.19	7.20
2022	90.00	1.40	1.40	13.56
2023	90.00	0.61	0.61	13.56

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2022	31.44	31.44	4.28
Q4 2022	37.58	37.58	3.89
Q1 2023	41.85	41.85	3.92
Q2 2023	58.58	58.58	4.26
Q3 2023	66.85	66.85	3.87
Q4 2023	93.65	93.65	4.26

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	37.58	37.58	3.89
2023	93.65	93.65	4.26

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
Q3 2022	87.16	38.11
Q4 2022	103.51	51.36
Q1 2023	96.01	47.02
Q2 2023	77.35	42.59
Q3 2023	74.88	35.30
Q4 2023	79.70	35.05

Period	Factories mine	Guyan mountain mine
2021	475.85	110.80
2022	407.77	175.00
2023	327.93	159.97

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) %

Financial Ratios

	Current
Market Cap (M Riyal)	6,093.00
Enterprise Value (EV) (M)	6,201.06
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)	42.72
P/E (TTM)	42.72
Price/book	5.01
Return on Average Assets (%) (TTM)	9.4
Return on Average Equity (%) (TTM)	11.7

Almasane Alkobra Mining Co. (AMAK)

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AMAK profit drops 57% to SAR 54.6M in 2023; Q4 at SAR 5.9M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Almasane Alkobra Mining Co. (AMAK)

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AMAK profit drops 57% to SAR 54.6M in 2023; Q4 at SAR 5.9M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Almasane Alkobra Mining Co. (AMAK)

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Business Segments (Million)