Financial Results : AMAK 2021 profit surges to SAR 197.3 mln; Q4 at SAR 62.7 mln

AMAK 2021 profit surges to SAR 197.3 mln; Q4 at SAR 62.7 mln

30/03/2022 Argaam Exclusive

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Al Masane Al Kobra Mining Co. (AMAK) reported a net profit after Zakat and tax of SAR 197.3 million in 2021, compared to SAR 88.8 million in the year-earlier period.



Financials (M)

Item 2020 2021 Change‬
Revenues 375.15 586.65 56.4 %
Gross Income 125.26 267.70 113.7 %
Operating Income 88.74 216.61 144.1 %
Net Income 88.80 197.27 122.1 %
Average Shares 90.00 90.00 -
EPS (Riyals) 0.99 2.19 122.1 %

The higher earnings were due to the commissioning of new Guyan Gold Mine and start of its commercial production in 2021. This led to an increase in gold sales by 176%, and higher average realized sales prices of all products during the year.

 

However, the company reported increase in costs and expenses due to the start of commercial production of gold mine. In addition, Zakat expenses increased.

 

The company’s Q4 2021 net profit after Zakat and tax climbed 8% to SAR 62.7 million from SAR 58.3 million in Q4 2020.

 

Sequentially, profit climbed 49.9% from SAR 41.82 million in Q3 2021.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 140.28 172.20 22.8 %
Gross Income 55.48 82.50 48.7 %
Operating Income 46.09 72.52 57.3 %
Net Income 58.25 62.74 7.7 %
Average Shares 90.00 90.00 -
EPS (Riyals) 0.65 0.70 7.7 %

Total shareholders’ equity, excluding minority interest, rose to SAR 648.4 million in 2021, from SAR 452 million in 2020.

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