AMAK H1 profit falls 47% to SAR 43.5 mln; Q2 at SAR 10.6 mln

06/08/2023 Argaam Exclusive

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Al Masane Al Kobra Mining Co. (AMAK) reported a net profit of SAR 43.5 million in the first six months of 2023, a drop of 47% from SAR 82.2 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	302.64	262.96	(13.1 %)
Gross Income	124.91	75.05	(39.9 %)
Operating Income	91.26	52.82	(42.1 %)
Net Income	82.23	43.46	(47.1 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.91	0.48	(47.1 %)

This was due to lower prices of copper and zinc, as well as a decrease in copper and gold sales volumes. The company also cited an increase in the cost of sales on account of higher amortization and raw materials expenses, in addition to a rise in general and administrative expenses as a result of share-based compensation expenses for employees booked despite higher prices of gold and silver.

In Q2 2023, net earnings plunged 74% year-on-year (YoY) to SAR 10.6 million from SAR

40.4 million.

The second-quarter profit decline was mainly attributed to lower prices of copper and zinc, as well as a pullback in copper and gold sales volumes.

On a sequential basis, the second-quarter net profit dropped 67.7% from SAR 32.8 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	144.64	119.94	(17.1 %)
Gross Income	56.85	26.33	(53.7 %)
Operating Income	41.60	15.56	(62.6 %)
Net Income	40.41	10.61	(73.7 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.45	0.12	(73.7 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	143.03	119.94	(16.1 %)
Gross Income	48.72	26.33	(46.0 %)
Operating Income	37.26	15.56	(58.2 %)
Net Income	32.86	10.61	(67.7 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.37	0.12	(67.7 %)

Total shareholders’ equity, no minority interest, stood at SAR 1.20 billion by the end of H1 2023, compared to SAR 1.33 billion in the year-earlier period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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)	-	(87.80)	-	(0.98)
Q1 2018	-	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-	-
2018	263.39	92.8 %	69.02	222.3 %	15.87	118.1 %	0.18
Q1 2019	-	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-	-
2019	297.84	13.1 %	80.88	17.2 %	27.29	72.0 %	0.30
Q1 2020	66.49	-	14.41	-	1.63	-	0.02
Q2 2020	78.59	-	23.76	-	11.20	-	0.12
Q3 2020	89.79	-	31.61	-	16.39	-	0.18
Q4 2020	140.28	-	55.48	-	58.25	-	0.65
2020	375.15	26.0 %	125.26	54.9 %	88.80	225.4 %	0.99
Q1 2021	117.59	76.8 %	47.11	226.8 %	34.32	2000.6 %	0.38
Q2 2021	146.62	86.6 %	71.50	200.9 %	58.43	421.8 %	0.65
Q3 2021	150.25	67.3 %	66.58	110.7 %	41.82	155.2 %	0.46
Q4 2021	172.20	22.8 %	82.50	48.7 %	62.74	7.7 %	0.70
2021	586.65	56.4 %	267.70	113.7 %	197.27	122.1 %	2.19
Q1 2022	157.99	34.4 %	68.06	44.5 %	41.82	21.8 %	0.46
Q2 2022	144.64	(1.3 %)	56.85	(20.5 %)	40.41	(30.8 %)	0.45
Q3 2022	125.27	(16.6 %)	36.36	(45.4 %)	22.60	(46.0 %)	0.25
Q4 2022	154.87	(10.1 %)	47.10	(42.9 %)	21.50	(65.7 %)	0.24
2022	582.77	(0.7 %)	208.36	(22.2 %)	126.33	(36.0 %)	1.40
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	-	-	-	-	-	-	-
2014	-	-	-	-	-	-	-
2015	-	-	-	-	-	-	-
2016	-	-	-	-	-	-	-
2017	136.63	-	(56.44)	-	(87.80)	-	(0.98)
2018	263.39	92.8 %	69.02	222.3 %	15.87	118.1 %	0.18
2019	297.84	13.1 %	80.88	17.2 %	27.29	72.0 %	0.30
2020	375.15	26.0 %	125.26	54.9 %	88.80	225.4 %	0.99
2021	586.65	56.4 %	267.70	113.7 %	197.27	122.1 %	2.19
2022	582.77	(0.7 %)	208.36	(22.2 %)	126.33	(36.0 %)	1.40

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 %	44.63 %	22.83 %
2022	35.75 %	44.63 %	22.83 %
Q1 2023	33.29 %	44.61 %	21.86 %
Q2 2023	29.19 %	42.54 %	18.38 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
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 %	44.63 %	22.83 %

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 %	40.66 %	18.23 %
Q1 2023	34.06 %	47.60 %	22.97 %
Q2 2023	21.96 %	38.32 %	13.44 %

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	1.48	13.56
Q1 2023	90.00	1.30	1.38	13.92
Q2 2023	90.00	0.97	1.11	13.38

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
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	1.48	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	35.68	3.89
Q1 2023	41.85	39.58	3.92
Q2 2023	58.58	51.40	4.26

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	37.58	35.68	3.89

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

Period	Factories mine	Guyan mountain mine
2021	475.85	110.80
2022	407.77	175.00

Financial Ratios

	Current
Market Cap (M Riyal)	5,706.00
Enterprise Value (EV) (M)	5,803.03
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

Almasane Alkobra Mining Co. (AMAK)

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AMAK H1 profit falls 47% to SAR 43.5 mln; Q2 at SAR 10.6 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (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 Q2

Financial Ratios

Share Price

Almasane Alkobra Mining Co. (AMAK)

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AMAK H1 profit falls 47% to SAR 43.5 mln; Q2 at SAR 10.6 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Almasane Alkobra Mining Co. (AMAK)

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Business Segments (Million)