Riyadh – Mubasher: Al Masane Al Kobra Mining Company (Amak) posted a 47.14% annual decline in net profit after Zakat and tax to SAR 43.46 million during the first half (H1) of 2023 from SAR 82.22 million.
The earnings per share (EPS) decreased to SAR 0.67 in H1-23 from SAR 1.37 in H1-22, according to the interim financial results.
Amak attributed the year-on-year (YoY) plunge in H1-23 net profit to lower prices of copper and zinc, in addition to a decline in the sales of copper and gold, as well as other factors related to raw materials.
The listed company generated sales worth SAR 262.96 million during January-June 2023, signalling a plummet of 13.11% from SAR 302.63 million in H1-22.
Financial Results for Q2-23
In the second quarter (Q2) of 2023, Amak registered a 73.75% YoY decrease in net profit to SAR 10.60 million, compared to SAR 40.41 million.
The sales also shrank by 17.08% to SAR 119.93 million in Q2-23 from SAR 144.64 million in Q2-22.
On a quarterly basis, the Q2-23 net profits of Amak were 67.71% lower than SAR 32.85 million in Q1-23, while the revenues declined by 16.14% from SAR 143.02 million.
Last May, the company’s board agreed to distribute cash dividends worth SAR 64.79 million for H1-23.
