Riyadh – Al Masane Al Kobra Mining Company (Amak) recorded 53.60% lower net profits after Zakat and tax at SAR 48.64 million during the first nine months (9M) of 2023, versus SAR 104.82 million in 9M-22.

Revenues declined by 12.80% to SAR 373.14 million in 9M-23 from SAR 427.90 million in January-September 2022, according to the income statements.

The earnings per share (EPS) stood at SAR 0.69 in 9M-23, marking a year-on-year (YoY) drop from SAR 1.70.

Financial Results for Q3-23

During the third quarter (Q3) of 2023, the firm posted a 77.08% YoY plunge in net profit after Zakat and tax to SAR 5.17 million from SAR 22.59 million.

Amak generated revenues amounting to SAR 110.18 million during July-September 2023, an annual decrease of 12.04% from SAR 125.26 million.

On a quarterly basis, the Q3-23 profits retreated by 51.18% from SAR 10.60 million in April-June 2023, while the revenues dropped by 8.13% from SAR 119.93 million.

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