Saudi: Amak’s profits near 428mln in 9M-22 interim financials

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Riyadh – The net profits after Zakat and tax of Almasane Alkobra Mining Company (Amak) amounted to SAR 104.82 million in the first nine months (9M) of 2022, an annual drop of 22.10% from SAR 134.57 million.

Revenues stood at 427.90 million in 9M-22, lower by 3.24% year-on-year (YoY) than SAR 414.45 million, according to the initial income statements.

The earnings per share (EPS) plummeted to SAR 1.70 in the January-September 2022 period, compared to SAR 2.45 in 9M-21.

During the third quarter (Q3) of 2022, Amak generated SAR 22.59 million in net profit after Zakat and tax, a plunge of 45.96% from SAR 41.81 million in Q3-21.

Revenues shrank by 16.63% YoY to SAR 125.26 million in Q3-22 from SAR 150.24 million.

On a quarterly basis, the Q3-22 net profits after Zakat and tax retreated by 44.08% from SAR 40.41 million in Q2-22, while the revenues declined by 13.40% from SAR 144.64 million.

In the first half (H1) of 2022, the Saudi firm achieved net profits after Zakat and tax worth SAR 82.22 million, an annual decrease of 11.35% from SAR 92.75 million.