Saudi: Amak records $14.5mln net profits in 2023

Amak recorded an annual drop of 16.28% in revenue to SAR 487.89 million as of 31 December 2023

Staff Writer, Mubasher

March 5, 2024

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The net profits of Al Masane Al Kobra Mining Company (Amak) plunged by 56.79% to SAR 54.58 million in 2023 from SAR 126.33 million a year earlier.

Amak recorded an annual drop of 16.28% in revenue to SAR 487.89 million as of 31 December 2023, compared to SAR 582.76 million, according to the income statements.

The lower revenues were attributed to a decrease in the prices of all metals except gold as well as a drop in the quantities sold for copper and gold.

Earnings per share (EPS) plummeted to SAR 0.73 last year from SAR 2.02 in January-December 2022.

In the first nine months (9M) of 2023, Amak achieved net profits after Zakat and tax valued at SAR 48.64 million, down 53.60% from SAR 104.82 million in 9M-22.

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