AMAK reports 54% net profit slump to SAR 15.1M in Q1 2024

AMAK reports 54% net profit slump to SAR 15.1M in Q1 2024

05/05/2024 Argaam Exclusive

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Almasane Alkobra Mining Co. (AMAK) reported a net profit of SAR 15.1 million in Q1 2024, a decline of 54% from SAR 32.9 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 143.03 134.50 (6.0 %)
Gross Income 48.72 35.01 (28.1 %)
Operating Income 37.26 17.87 (52.0 %)
Net Income 32.86 15.13 (54.0 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.37 0.17 (54.0 %)

Revenues declined 6% year-on-year (YoY), or by SAR 9 million, due to a decrease in zinc prices and lower quantities of gold sold, despite an increase in copper sales.

 

The net profit was weighed down as gross profit fell 28% YoY, along with an increase in the cost of sales, higher general and administrative expenses (G&As) and lower other income. Meanwhile, Zakat expenses declined YoY.

 

On a quarterly basis, net earnings more than doubled from SAR 5.94 million, as revenues rose 17% quarter-on-quarter due to an increase in copper and gold prices, as well as higher sales of the two metals.

 

Shareholders’ equity, no minority interest, reached SAR 1.16 billion by March 31, 2024, compared to SAR 1.25 billion in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %
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 %)
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 %)
Q1 2024 134.50 (6.0 %) 35.01 (28.1 %) 17.87 (52.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 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
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
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
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
Q1 2024 15.13 (54.0 %) 0.17 - 15.13 0.17

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 33.39 % 31.45 % 23.31 %
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 %
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 %
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 %
Q1 2024 21.32 % 35.26 % 7.69 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2024 90.00 0.41 0.41 12.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 More than 100 More than 100 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
Q1 2024 89.16 45.34

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 9.00 15.13 68.06 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
GIB Capital 9.00 15.13 68.1 %


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
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Share Price

Almasane Alkobra Mining Co.
67.70
(1.10) (1.60 %)

Almasane Alkobra Mining Co. (AMAK)

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