AMAK reports profit jump of 122% to SR197.3mln in 2021

Almasane Alkobra Mining Co. (AMAK) announced that its profit after zakat and tax leaped by 122.14% to SR 197.26 million in 2021 from SR 88.8 million in the year before.

The company said in its financial result statement that the operational profit jumped 144.11% to SR 216.61 million last year from SR 88.74 million.

Gross profit rose by 113.72% to SR 267.69 million from SR 125.26 million in 2020, while profit per share surged to SR 3.6 from SR 1.62.

The jump in profits was spurred by commissioning of new Guyan Gold Mine and start of its commercial production during the year 2021 leading to an increase in quantity of Gold sales by 176%, and higher average realized sales prices of all products during the year.

This increase in net profit was achieved despite of increase in costs and expenses (cost of revenue, selling and marketing expenses and finance cost) due to the start of commercial production of Guyan Gold Mine. In addition, there was increase in Zakat expense.