Amak logs 54% YoY profit decline in Q1-24

Amak logs 54% YoY profit decline in Q1-24

Riyadh – Mubasher: Al Masane Al Kobra Mining Company (Amak) posted a 53.96% year-on-year (YoY) decrease in net profit to SAR 15.12 million in the first quarter (Q1) of 2024 from SAR 32.85 million. Revenues declined by 5.96% YoY to SAR 134.49 million in Q1-24 from SAR 143.02 million, according to the interim financial results. The earnings per share (EPS) recorded SAR 0.17 in the three-month period that ended on 31 March 2024, from SAR 0.37 in the corresponding period a year earlier. Quarter-on-quarter (QoQ), the company’s net profit surged 154.67% in Q1-24 from SAR 5.93 million in Q4-23, while the revenues leapt 17.21% from SAR 114.74 million. Amak’s net profit dropped by 56.79% YoY to SAR 54.58 million in 2023 from SAR 126.33 million.

Amak logs 54% YoY profit decline in Q1-24