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Amak’s profits down 11% in H1-22 initial results

Amak’s profits down 11% in H1-22 initial results
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Riyadh – Mubasher: Almasane Alkobra Mining Company (Amak) posted an 11.35% drop in net profit after Zakat and tax to SAR 82.22 million during the first half (H1) of 2022, compared to SAR 92.75 million in H1-21.

The Saudi company’s revenues amounted to SAR 302.63 million in the first six months (6M) of 2022, an annual surge of 14.54% from SAR 264.20 million, according to the interim financial results.

Furthermore, the earnings per share (EPS) stood at SAR 1.37 in H1-22, lower than SAR 1.69 in H1-21.

During the second quarter (Q2) of 2022, the net profits after Zakat and tax plummeted by 30.83% year-on-year (YoY) to SAR 40.41 million from SAR 58.42 million.

The revenues declined by 1.35% to SAR 144.64 million in Q2-22, versus SAR 146.62 million in Q2-21.

Last July, Amak’s board recommended cash dividends’ distribution worth SAR 129.08 million, representing 20% of the capital, for H1-22.

In the January-March 2022 period, the listed firm logged net profits after Zakat and tax of SAR 41.81 million, higher by 21.82% than SAR 34.32 million during the same period a year earlier.