AMAK profit more than triples to SAR 177.9M in 2024; Q4 at SAR 41.2M

24/02/2025 Argaam Exclusive

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Al Masane Al Kobra Mining Co. (AMAK) reported a 225% surge in its 2024 net profit to SAR 177.9 million, compared to SAR 54.6 million in 2023.

Financials (M)

Item	2023	2024	Change‬
Revenues	487.90	780.65	60.0 %
Gross Income	123.44	288.33	133.6 %
Operating Income	64.01	222.35	247.4 %
Net Income	54.58	177.90	225.9 %
Average Shares	90.00	90.00	-
Earnings Per Share before unusual items (Riyals)	0.56	1.98	252.7 %
EPS (Riyal)	0.61	1.98	225.9 %

Revenues rose by SAR 293 million year-on-year (YoY) due to higher sales value and volume of copper, zinc and gold. Gross profit grew by 134% YoY.

This was offset by higher selling, marketing expenses and severance expenses, along with a decrease in other income.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	114.75	226.88	97.7 %
Gross Income	20.96	76.18	263.5 %
Operating Income	3.89	59.28	1424.8 %
Net Income	5.94	41.20	593.8 %
Average Shares	90.00	90.00	-
Earnings Per Share before unusual items (Riyal)	0.07	0.46	593.8 %
EPS (Riyal)	0.07	0.46	593.8 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	215.96	226.88	5.1 %
Gross Income	89.69	76.18	(15.1 %)
Operating Income	74.95	59.28	(20.9 %)
Net Income	59.75	41.20	(31.0 %)
Average Shares	90.00	90.00	-
Earnings Per Share before unusual items (Riyal)	0.66	0.46	(31.0 %)
EPS (Riyal)	0.66	0.46	(31.0 %)

In Q4 2024, AMAK’s net profit skyrocketed by 593.8% to SAR 41.20 million, from SAR 5.94 million in the year-before period.

Sequentially, net profit fell by 31% from SAR 59.75 million in Q3 2024.

Shareholders’ equity, no minority interest, stood at SAR 1.25 billion as of Dec. 31, 2024, from SAR 1.22 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	136.63	-	(56.44)	-	(81.23)	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	263.39	92.8 %	69.02	222.3 %	28.36	134.9 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	297.84	13.1 %	80.88	17.2 %	40.19	41.7 %
Q1 2020	66.49	-	14.41	-	5.15	-
Q2 2020	78.59	-	23.76	-	15.47	-
Q3 2020	89.79	-	31.61	-	22.03	-
Q4 2020	140.28	-	55.48	-	46.09	-
2020	375.15	26.0 %	125.26	54.9 %	88.74	120.8 %
Q1 2021	117.59	76.8 %	47.11	226.8 %	35.99	599.0 %
Q2 2021	146.62	86.6 %	71.50	200.9 %	56.51	265.3 %
Q3 2021	150.25	67.3 %	66.58	110.7 %	51.60	134.2 %
Q4 2021	172.20	22.8 %	82.50	48.7 %	72.52	57.3 %
2021	586.65	56.4 %	267.70	113.7 %	216.61	144.1 %
Q1 2022	157.99	34.4 %	68.06	44.5 %	49.66	38.0 %
Q2 2022	144.64	(1.3 %)	56.85	(20.5 %)	41.60	(26.4 %)
Q3 2022	125.27	(16.6 %)	36.36	(45.4 %)	25.48	(50.6 %)
Q4 2022	154.87	(10.1 %)	47.10	(42.9 %)	27.21	(62.5 %)
2022	582.77	(0.7 %)	208.36	(22.2 %)	143.95	(33.5 %)
Q1 2023	143.03	(9.5 %)	48.72	(28.4 %)	37.26	(25.0 %)
Q2 2023	119.94	(17.1 %)	26.33	(53.7 %)	10.05	(75.8 %)
Q3 2023	110.18	(12.0 %)	19.88	(45.3 %)	5.27	(79.3 %)
Q4 2023	114.75	(25.9 %)	20.96	(55.5 %)	3.89	(85.7 %)
2023	487.90	(16.3 %)	123.44	(40.8 %)	64.01	(55.5 %)
Q1 2024	134.50	(6.0 %)	35.01	(28.1 %)	17.87	(52.0 %)
Q2 2024	203.31	69.5 %	87.45	232.1 %	70.25	598.8 %
Q3 2024	215.96	96.0 %	89.69	351.1 %	74.95	1323.4 %
Q4 2024	226.88	97.7 %	76.18	263.5 %	59.28	1424.8 %
2024	780.65	60.0 %	288.33	133.6 %	222.35	247.4 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	136.63	-	(56.44)	-	(81.23)	-
2018	263.39	92.8 %	69.02	222.3 %	28.36	134.9 %
2019	297.84	13.1 %	80.88	17.2 %	40.19	41.7 %
2020	375.15	26.0 %	125.26	54.9 %	88.74	120.8 %
2021	586.65	56.4 %	267.70	113.7 %	216.61	144.1 %
2022	582.77	(0.7 %)	208.36	(22.2 %)	143.95	(33.5 %)
2023	487.90	(16.3 %)	123.44	(40.8 %)	64.01	(55.5 %)
2024	780.65	60.0 %	288.33	133.6 %	222.35	247.4 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	(87.80)	-	(0.98)	-	(87.80)	(0.98)
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	15.87	118.1 %	0.18	-	15.87	0.18
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	27.29	72.0 %	0.30	-	27.29	0.30
Q1 2020	1.63	-	0.02	-	1.63	0.02
Q2 2020	11.20	-	0.12	-	11.20	0.12
Q3 2020	16.39	-	0.18	-	16.39	0.18
Q4 2020	58.25	-	0.65	-	58.25	0.65
2020	88.80	225.4 %	0.99	-	88.80	0.99
Q1 2021	34.32	2000.6 %	0.38	-	34.32	0.38
Q2 2021	58.43	421.8 %	0.65	-	58.43	0.65
Q3 2021	41.82	155.2 %	0.46	-	41.82	0.46
Q4 2021	62.74	7.7 %	0.70	-	62.74	0.70
2021	197.27	122.1 %	2.19	-	197.27	2.19
Q1 2022	41.82	21.8 %	0.46	-	41.82	0.46
Q2 2022	40.41	(30.8 %)	0.45	-	40.41	0.45
Q3 2022	22.60	(46.0 %)	0.25	-	22.60	0.25
Q4 2022	21.50	(65.7 %)	0.24	-	21.50	0.24
2022	126.33	(36.0 %)	1.40	-	126.33	1.40
Q1 2023	32.85	(21.4 %)	0.37	-	32.85	0.37
Q2 2023	10.61	(73.7 %)	0.12	4.15	6.47	0.07
Q3 2023	5.18	(77.1 %)	0.06	-	5.18	0.06
Q4 2023	5.94	(72.4 %)	0.07	-	5.94	0.07
2023	54.58	(56.8 %)	0.61	4.15	50.44	0.56
Q1 2024	15.12	(54.0 %)	0.17	-	15.12	0.17
Q2 2024	61.82	482.7 %	0.69	-	61.82	0.69
Q3 2024	59.75	1053.6 %	0.66	-	59.75	0.66
Q4 2024	41.20	593.8 %	0.46	-	41.20	0.46
2024	177.90	225.9 %	1.98	-	177.90	1.98

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	(87.80)	-	(0.98)	-	(87.80)	(0.98)
2018	15.87	118.1 %	0.18	-	15.87	0.18
2019	27.29	72.0 %	0.30	-	27.29	0.30
2020	88.80	225.4 %	0.99	-	88.80	0.99
2021	197.27	122.1 %	2.19	-	197.27	2.19
2022	126.33	(36.0 %)	1.40	-	126.33	1.40
2023	54.58	(56.8 %)	0.61	4.15	50.44	0.56
2024	177.90	225.9 %	1.98	-	177.90	1.98

Profitability

Period	Gross Margin	Adjusted EBITDA margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	(41.31 %)	18.71 %	(64.26 %)
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	26.20 %	42.05 %	6.02 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	27.16 %	34.13 %	9.16 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	33.39 %	31.45 %	23.31 %
2020	33.39 %	39.23 %	23.67 %
Q1 2021	37.06 %	39.50 %	28.19 %
Q2 2021	41.62 %	46.91 %	33.87 %
Q3 2021	43.39 %	48.72 %	34.76 %
Q4 2021	45.63 %	52.81 %	33.63 %
2021	45.63 %	52.81 %	33.63 %
Q1 2022	46.03 %	52.50 %	32.66 %
Q2 2022	43.83 %	50.95 %	29.88 %
Q3 2022	40.62 %	49.71 %	27.92 %
Q4 2022	35.75 %	43.48 %	21.68 %
2022	35.75 %	43.48 %	21.68 %
Q1 2023	33.29 %	43.42 %	20.67 %
Q2 2023	29.19 %	40.28 %	15.36 %
Q3 2023	26.90 %	38.24 %	12.50 %
Q4 2023	23.75 %	38.02 %	10.34 %
2023	25.30 %	39.57 %	10.34 %
Q1 2024	21.32 %	35.26 %	6.82 %
Q2 2024	29.02 %	41.73 %	15.65 %
Q3 2024	34.87 %	46.97 %	21.34 %
Q4 2024	36.93 %	50.92 %	22.79 %
2024	36.93 %	50.92 %	22.79 %

Period	Gross Margin	Adjusted EBITDA margin	Net Margin Before Unusual Items
2015	-	-	-
2016	-	-	-
2017	(41.31 %)	18.71 %	(64.26 %)
2018	26.20 %	42.05 %	6.02 %
2019	27.16 %	34.13 %	9.16 %
2020	33.39 %	39.23 %	23.67 %
2021	45.63 %	52.81 %	33.63 %
2022	35.75 %	43.48 %	21.68 %
2023	25.30 %	39.57 %	10.34 %
2024	36.93 %	50.92 %	22.79 %

Period	Gross Margin	Adjusted EBITDA margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	21.68 %	-	2.46 %
Q2 2020	30.23 %	-	14.25 %
Q3 2020	35.20 %	39.82 %	18.25 %
Q4 2020	39.55 %	43.92 %	41.52 %
Q1 2021	40.06 %	47.24 %	29.19 %
Q2 2021	48.77 %	53.84 %	39.85 %
Q3 2021	44.32 %	49.35 %	27.83 %
Q4 2021	47.91 %	58.76 %	36.43 %
Q1 2022	43.08 %	47.41 %	26.47 %
Q2 2022	39.30 %	47.17 %	27.94 %
Q3 2022	29.02 %	43.11 %	18.04 %
Q4 2022	30.41 %	36.32 %	13.88 %
Q1 2023	34.06 %	47.60 %	22.97 %
Q2 2023	21.96 %	33.73 %	5.39 %
Q3 2023	18.05 %	33.69 %	4.70 %
Q4 2023	18.27 %	34.73 %	5.18 %
Q1 2024	26.03 %	38.35 %	11.25 %
Q2 2024	43.01 %	52.27 %	30.41 %
Q3 2024	41.53 %	53.85 %	27.67 %
Q4 2024	33.58 %	54.38 %	18.16 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	90.00	-	-	-
Q2 2020	90.00	-	-	-
Q3 2020	90.00	-	-	-
Q4 2020	90.00	0.97	0.97	5.02
Q1 2021	90.00	1.34	1.34	5.40
Q2 2021	90.00	1.86	1.86	6.05
Q3 2021	90.00	2.14	2.14	6.51
Q4 2021	90.00	2.19	2.19	7.20
Q1 2022	90.00	2.28	2.28	14.39
Q2 2022	90.00	2.08	2.08	14.86
Q3 2022	90.00	1.86	1.86	13.68
Q4 2022	90.00	1.40	1.40	13.56
Q1 2023	90.00	1.30	1.30	13.92
Q2 2023	90.00	0.97	0.93	13.38
Q3 2023	90.00	0.78	0.73	13.47
Q4 2023	90.00	0.61	0.56	13.56
Q1 2024	90.00	0.41	0.36	12.97
Q2 2024	90.00	0.98	0.98	13.79
Q3 2024	90.00	1.58	1.58	13.52
Q4 2024	90.00	1.98	1.98	13.91

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	-	-	-	-
2016	-	-	-	-
2017	90.00	(0.98)	(0.98)	5.01
2018	90.00	0.18	0.18	5.22
2019	90.00	0.30	0.30	4.68
2020	90.00	0.99	0.99	5.02
2021	90.00	2.19	2.19	7.20
2022	90.00	1.40	1.40	13.56
2023	90.00	0.61	0.56	13.56
2024	90.00	1.98	1.98	13.91

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Recurring P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	27.08	27.08	4.28
Q2 2022	27.50	27.50	3.84
Q3 2022	31.44	31.44	4.28
Q4 2022	37.58	37.58	3.89
Q1 2023	41.85	41.85	3.92
Q2 2023	58.58	61.49	4.26
Q3 2023	66.85	71.04	3.87
Q4 2023	93.65	More than 100	4.26
Q1 2024	More than 100	More than 100	4.26
Q2 2024	64.14	64.14	4.63
Q3 2024	47.01	47.01	5.51
Q4 2024	33.60	33.60	4.85

Period	P/E	Recurring P/E	Price/book
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	37.58	37.58	3.89
2023	93.65	More than 100	4.26
2024	33.59	33.59	4.85

Business Segments (Million)

Compared With The

Period	Factories mine	Guyan mountain mine	Moyeath Mine
Q3 2021	125.71	24.54	-
Q4 2021	130.47	41.72	-
Q1 2022	117.33	40.66	-
Q2 2022	99.78	44.86	-
Q3 2022	87.16	38.11	-
Q4 2022	103.51	51.36	-
Q1 2023	96.01	47.02	-
Q2 2023	77.35	42.59	-
Q3 2023	74.88	35.30	-
Q4 2023	79.70	35.05	-
Q1 2024	89.16	45.34	-
Q2 2024	108.89	44.59	49.83
Q3 2024	87.46	62.09	66.41
Q4 2024	79.44	74.72	72.72

Period	Factories mine	Guyan mountain mine	Moyeath Mine
2021	475.85	110.80	-
2022	407.77	175.00	-
2023	327.93	159.97	-
2024	364.95	226.74	188.96

Analysts Estimates (Million)

Item	Profit (Expected)	Profit (Actual)	Change
Average	48.00	41.20

Estimates vs Actual (Million)

Item	Profit (Expected)	Profit (Actual)	Change‬
Al Rajhi Capital	46.00	41.20
GIB Capital	50.00	41.20

Financial Ratios

	Current
Market Cap (M Riyal)	8,046.01
Enterprise Value (EV) (M Riyal)	8,060.08
Shares Outstanding ((M))	90.00
EPS ( Riyal) (TTM)	3.12
Book Value (BV) ( Riyal)	14.73
Par Value ( Riyal)	10.00
Recurring P/E	30.07
P/E (TTM)	28.67
Price/book	6.07
Return on Average Assets (%) (TTM)	18.7
Return on Average Equity (%) (TTM)	21.8
EV/adj EBITDA	13.57
EV/Revenues	7.86

Almasane Alkobra Mining Co. (AMAK)

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AMAK profit more than triples to SAR 177.9M in 2024; Q4 at SAR 41.2M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Almasane Alkobra Mining Co. (AMAK)

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AMAK profit more than triples to SAR 177.9M in 2024; Q4 at SAR 41.2M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2024

Revenue by Business Segment (Latest) 2024 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Almasane Alkobra Mining Co. (AMAK)

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Business Segments (Million)