‎“AMAK” profits decreased to SR126.3 mln during 2022, by 36%‎

The net profit after zakat and tax of the Al Masane Al Kobra Mining Co. “AMAK” decreased to 126.3 million riyals during the year 2022, compared to 197 million riyals in the year 2021 AD, by 36%. This came after today’s announcement of the annual financial results ending in 12-2022 31.

The operational profit amounted to 144 million riyals during the year ending on December 31, 2022, compared to 217 million riyals in the previous year, a decline of 34%.

As for gross profit, it amounted to 208 million riyals in the current year, compared to 268 million riyals in the previous year, with a decrease of 22%.

Earnings per share in the current year amounted to 2.02 riyals, compared to 3.6 riyals in the previous year.

The reason for the decrease in net profit during the current year compared to last year is due to the decrease in the selling price of copper, the decrease in the amount of zinc sales, and the increase in general and administrative expenses, as a result of recording expenses related to the initial public offering and compensation expenses on a share basis, which were recorded during the fourth quarter From the current year, in addition to the increase in the income tax expense and the financial consideration for the franchise fees, despite the increase in the quantity and value of gold sales and the increase in other revenues.

The company said that the profit per share will be calculated by dividing the profit after calculating zakat and taxes by the weighted average number of ordinary shares outstanding during the year, amounting to 62,405,767 shares (December 31, 2021: 54,870,015 shares).