AMAK profits surge 53% to SAR 209.7M in 9M 2025; Q3 at SAR 81.4M

28/10/2025 Argaam Exclusive

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Almasane Alkobra Mining Co.’s (AMAK) net earnings advanced by 53% to SAR 209.7 million during the first nine months of 2025, versus SAR 136.7 million a year ago.

Financials (M)

Item	9m 2024	9m 2025	Change‬
Revenues	553.77	749.39	35.3 %
Gross Income	212.15	316.14	49.0 %
Operating Income	163.07	263.99	61.9 %
Net Income	136.70	209.66	53.4 %
Average Shares	90.00	90.00	-
Earnings Per Share before unusual items (Riyals)	1.52	2.33	53.4 %
EPS (Riyal)	1.52	2.33	53.4 %

The annual profit growth was fueled by a SAR 196 million (35%) year-on-year (YoY) revenue jump, boosted by higher prices and stronger gold sales volumes, despite lower copper and zinc sales volumes.

Moreover, the nine-month gross profit rose by SAR 104 million (49%), albeit offset by higher general and administrative expenses, taxes, and royalty fees.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2024	Q3 2025	Change‬
Revenues	215.96	271.06	25.5 %
Gross Income	89.69	121.76	35.8 %
Operating Income	74.95	104.86	39.9 %
Net Income	59.75	81.37	36.2 %
Average Shares	90.00	90.00	-
Earnings Per Share before unusual items (Riyal)	0.66	0.90	36.2 %
EPS (Riyal)	0.66	0.90	36.2 %

Item	Q2 2025	Q3 2025	Change‬
Revenues	258.56	271.06	4.8 %
Gross Income	110.43	121.76	10.3 %
Operating Income	91.02	104.86	15.2 %
Net Income	73.05	81.37	11.4 %
Average Shares	90.00	90.00	-
Earnings Per Share before unusual items (Riyal)	0.81	0.90	11.4 %
EPS (Riyal)	0.81	0.90	11.4 %

In Q3 2025, net profit grew 36% to SAR 81.4 million, compared to SAR 59.8 million in the year before. This was mainly attributed to a 26% yearly hike in revenues, thanks to higher prices and increased gold sales, although copper and zinc sales volumes weakened during the same period.

Furthermore, the company’s third-quarter gross profit increased by SAR 32 million, but the elevated administrative expenses, taxes, and royalties capped this growth.

Sequentially, the three-month bottom line soared by 11.4% from SAR 73.05 million in Q2 2025, supported by a 5% quarterly revenue hike amid higher prices and gold sales volumes.

Shareholders' equity, no minority interest, stood at SAR 1.25 billion at the end of 9M 2025, compared with SAR 1.21 billion a year ago.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
Q1 2025	219.77	63.4 %	83.95	139.8 %	68.12	281.2 %
Q2 2025	258.56	27.2 %	110.43	26.3 %	91.02	29.6 %
Q3 2025	271.06	25.5 %	121.76	35.8 %	104.86	39.9 %

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 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
Q1 2025	55.24	265.2 %	0.61	-	55.24	0.61
Q2 2025	73.05	18.2 %	0.81	-	73.05	0.81
Q3 2025	81.37	36.2 %	0.90	-	81.37	0.90

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 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 %
Q1 2025	38.95 %	54.14 %	25.18 %
Q2 2025	39.11 %	56.07 %	24.89 %
Q3 2025	40.19 %	57.62 %	25.70 %

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 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 %
Q1 2025	38.20 %	55.92 %	25.14 %
Q2 2025	42.71 %	59.55 %	28.25 %
Q3 2025	44.92 %	59.85 %	30.02 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
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
Q1 2025	90.00	2.42	2.42	13.45
Q2 2025	90.00	2.55	2.55	14.27
Q3 2025	90.00	2.79	2.79	13.95

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 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
Q1 2025	23.90	23.90	4.31
Q2 2025	24.49	24.49	4.44
Q3 2025	26.37	26.37	5.27

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
Q1 2025	74.72	75.22	69.83
Q2 2025	89.08	99.35	70.14
Q3 2025	35.78	167.29	67.99

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	83.00	81.37

Estimates vs Actual (Million)

Item	Profit (Expected)	Profit (Actual)	Change‬
GIB Capital	83.00	81.37

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 profits surge 53% to SAR 209.7M in 9M 2025; Q3 at SAR 81.4M

View other reports

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) 2025 Q3

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 profits surge 53% to SAR 209.7M in 9M 2025; Q3 at SAR 81.4M

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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) Q3 2025

Revenue by Business Segment (Latest) 2025 Q3

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)