Engineer Yahiya Alshangiti, CEO of Al Masane Al Kobra Mining Company (“AMAK”) said that the company’s positive financial results achieved in the past three years reflect its strategic plans in enhancing its financial performance and developing its exploration and search processes. We have distinct exploration experience and capabilities in developing and implementing projects, and a diversity of operational and administrative teams, Alshangiti added.
He pointed out that AMAK’s financial performance has been strong and constant, realizing revenue growth of 19.3% compound annual growth rate (CAGR), from 263.4 million Saudi Riyals in the fiscal year ended 31 December 2018G to 375.2 million Saudi Riyals in the fiscal year ended 31 December 2020G. In addition, revenues reached 414.5 million Saudi Riyals in the nine months period ended 30 September 2021G. The net income also grew at 136.6% compound annual growth rate from 15.9 million Saudi Riyals in the fiscal year ended 31 December 2018G to 88.8 million Saudi Riyals in the fiscal year ended 31 December 2020G. The net income grew at more than 340% to reach 134.6 million Saudi Riyals in the nine months period which ended on 30 September 2021G compared to 30.6 million Saudi Riyals net income achieved in same period of the previous year which ended on 30 September 2020G. The growth is due to the increase of the company’s capacity utilization and production, in addition to effective cost management, Alshangiti stated.
AMAK CEO disclosed that AMAK’s total sales grew at an average of around 76% to reach 414.5 million Saudi Riyals in the nine months period ended on 30 September 2021G, compared to 234.9 million Saudi Riyals in the same period of the past year. Total profit in the nine months period ended 30 September 2021G grew at an average of more than 188% to reach 200.7 million Saudi Riyals, compared to 69.8 million Saudi Riyals in the same period of the last year.
AMAK’s rapid growth at present is backed by the Kingdom vision 2030, an imminent driver for the Saudi economy, and the mining sector in particular, Engineer Alshangiti confirmed. Moving forward, we have overcome challenges and converted them into growth opportunities. AMAK has several exploration
and mining licenses and we applied for several others during the past year 2021G, he added.
Alshangiti also pointed out that the company is running Al Masane copper and zinc mine, which has a production capacity of 2,400 tonnes daily, translating to 800,000 tonnes annually, and Guyan gold mine which has a production capacity of 1,200 tonnes daily, or 40,000 tons annually, both of which are located in Najran.
