AMAK profit up 77% to SAR 76.9M in H1 2024; Q2 at SAR 61.8M

04/08/2024 Argaam Exclusive

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Almasane Alkobra Mining Co. (AMAK) reported a net profit of SAR 76.9 million in H1 2024, a rise of 77% from SAR 43.5 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	262.96	337.81	28.5 %
Gross Income	75.05	116.81	55.6 %
Operating Income	52.82	84.36	59.7 %
Net Income	43.46	76.94	77.0 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.48	0.85	77.0 %

This was attributed to a 56% year-on-year (YoY) rise in gross profit to SAR 116.8 million, along with reduced financing costs, and higher prices for copper, zinc, and gold. Additionally, there was an uptick in sales volumes of copper and zinc.

This was despite increased sales and marketing expenses, decreased other income, and reduced quantities of gold sold.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	119.94	203.31	69.5 %
Gross Income	26.33	81.80	210.6 %
Operating Income	15.56	64.94	317.3 %
Net Income	10.61	61.82	482.7 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.12	0.69	482.7 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	134.50	203.31	51.2 %
Gross Income	35.01	81.80	133.6 %
Operating Income	19.42	64.94	234.4 %
Net Income	15.13	61.82	308.7 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.17	0.69	308.7 %

Q2 2024 net profit soared to SAR 61.8 million from SAR 10.6 million in Q2 2023, on higher prices for copper, zinc and gold, along with jump in quantities sold of copper and zinc.

Sequentially, Q2 net profit surged from SAR 15.13 million in Q1 2024.

Shareholders’ equity, no minority interest, stood at SAR 1.24 billion at the end of June 2024, compared to SAR 1.20 billion a year ago.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)	33.94	(53.2 %)
2022	582.77	(0.7 %)	208.36	(22.2 %)	150.68	(30.4 %)
Q1 2023	143.03	(9.5 %)	48.72	(28.4 %)	37.26	(25.0 %)
Q2 2023	119.94	(17.1 %)	26.33	(53.7 %)	15.56	(62.6 %)
Q3 2023	110.18	(12.0 %)	19.88	(45.3 %)	8.05	(68.4 %)
Q4 2023	114.75	(25.9 %)	20.96	(55.5 %)	6.08	(82.1 %)
2023	487.90	(16.3 %)	115.90	(44.4 %)	66.96	(55.6 %)
Q1 2024	134.50	(6.0 %)	35.01	(28.1 %)	19.42	(47.9 %)
Q2 2024	203.31	69.5 %	81.80	210.6 %	64.94	317.3 %

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 %)	150.68	(30.4 %)
2023	487.90	(16.3 %)	115.90	(44.4 %)	66.96	(55.6 %)

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	-	-	-	-	-	-
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	(6.73)	28.23	0.31
2022	126.33	(36.0 %)	1.40	(6.73)	133.06	1.48
Q1 2023	32.86	(21.4 %)	0.37	-	32.86	0.37
Q2 2023	10.61	(73.7 %)	0.12	(5.51)	16.12	0.18
Q3 2023	5.18	(77.1 %)	0.06	(2.79)	7.97	0.09
Q4 2023	5.94	(72.4 %)	0.07	(2.20)	8.13	0.09
2023	54.58	(56.8 %)	0.61	(10.49)	65.08	0.72
Q1 2024	15.13	(54.0 %)	0.17	(1.56)	16.68	0.19
Q2 2024	61.82	482.7 %	0.69	(0.34)	62.16	0.69

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	(6.73)	133.06	1.48
2023	54.58	(56.8 %)	0.61	(10.49)	65.08	0.72

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	26.90 %	41.08 %	16.13 %
Q4 2023	23.75 %	40.17 %	13.34 %
2023	23.75 %	40.17 %	13.34 %
Q1 2024	21.32 %	37.77 %	10.20 %
Q2 2024	28.01 %	41.95 %	16.87 %

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 %	44.63 %	22.83 %
2023	23.75 %	40.17 %	13.34 %

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	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 %
Q3 2023	18.05 %	36.22 %	7.23 %
Q4 2023	18.27 %	36.64 %	7.09 %
Q1 2024	26.03 %	39.50 %	12.40 %
Q2 2024	40.23 %	49.66 %	30.57 %

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	1.48	13.56
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
Q1 2024	90.00	0.41	0.54	12.97
Q2 2024	90.00	0.98	1.05	13.79

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	1.48	13.56
2023	90.00	0.61	0.72	13.56

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	35.68	3.89
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
Q1 2024	More than 100	More than 100	4.26
Q2 2024	64.14	59.49	4.63

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	37.58	35.68	3.89
2023	93.65	78.55	4.26

Business Segments (Million)

Compared With The

Period	Factories mine	Guyan mountain mine	Moyeath 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	-
Q2 2024	108.89	44.59	49.83

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

Analysts Estimates (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	30.00	61.82	106.06 %

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
Al Rajhi Capital	34.00	61.82	81.8 %
GIB Capital	26.00	61.82	137.8 %

Financial Ratios

	Current
Market Cap (M Riyal)	6,282.00
Enterprise Value (EV) (M)	6,377.01
Shares Outstanding ((M))	90.00
EPS ( Riyal) (TTM)	0.98
Book Value (BV) ( Riyal)	13.79
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	5.06
Return on Average Assets (%) (TTM)	5.9
Return on Average Equity (%) (TTM)	7.2

Almasane Alkobra Mining Co. (AMAK)

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AMAK profit up 77% to SAR 76.9M in H1 2024; Q2 at SAR 61.8M

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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) 2024 Q2

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 up 77% to SAR 76.9M in H1 2024; Q2 at SAR 61.8M

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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) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

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)