AMAK 9M 2023 profit sinks 54% to SAR 48.6 mln; Q3 at SAR 5.2 mln

01/11/2023 Argaam Exclusive

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Al Masane Al Kobra Mining Co. (AMAK) posted a 54% profit slump in the first nine months of 2023 to SAR 48.6 million, compared to SAR 104.8 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	427.90	373.15	(12.8 %)
Gross Income	161.26	94.94	(41.1 %)
Operating Income	116.73	52.58	(55.0 %)
Net Income	104.83	48.64	(53.6 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.16	0.54	(53.6 %)

The nine-month profit was hurt by higher zinc prices, as well as the decline in sales volumes of copper and gold.

This was coupled with the increased cost of sales due to high amortization and raw materials expenses as well as soaring general and administrative expenses. This came as the company posted stock-based compensation expenses for employees.

However, this drop was offset by a rise in gold prices, zinc sales volumes, and other income, along with lower selling and marketing expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	125.27	110.18	(12.0 %)
Gross Income	36.36	19.88	(45.3 %)
Operating Income	25.48	5.27	(79.3 %)
Net Income	22.60	5.18	(77.1 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.25	0.06	(77.1 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	119.94	110.18	(8.1 %)
Gross Income	26.33	19.88	(24.5 %)
Operating Income	10.05	5.27	(47.6 %)
Net Income	10.61	5.18	(51.2 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.12	0.06	(51.2 %)

AMAK’s third-quarter bottom line fell 77.1% to SAR 5.2 million from SAR 22.6 million in the year before.

Sequentially, the Q3 profit plummeted by 51.2% from SAR 10.61 million amid higher Zakat and tax expenses as well as lower other income. This was despite a quarter-on-quarter slump in financing costs and general and administrative expenses.

Shareholders’ equity, no minority interest, contracted to SAR 1.21 billion as of Sept. 30, 2023, from SAR 1.23 billion a year earlier.

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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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
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 %)

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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
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

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 %

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 %	43.48 %	21.68 %

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 %

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

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	1.40	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

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	37.58	37.58	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
Q3 2023	74.88	35.30

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

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

Almasane Alkobra Mining Co. (AMAK)

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AMAK 9M 2023 profit sinks 54% to SAR 48.6 mln; Q3 at SAR 5.2 mln

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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 Q3

Financial Ratios

Share Price

Almasane Alkobra Mining Co. (AMAK)

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AMAK 9M 2023 profit sinks 54% to SAR 48.6 mln; Q3 at SAR 5.2 mln

View other reports

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) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

Share Price

Almasane Alkobra Mining Co. (AMAK)

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Business Segments (Million)