RIYADH: Saudi miner Amak has recorded an 11 percent profit drop for the first half of 2022, after making a strong debut on the Kingdom’s stock market earlier this year.
Formally known as Al Masane Al Kobra Mining Co., the firm posted SR82 million ($22 million) in profit, down from SR93 million in the same period last year, it said in a bourse filing.
Amak debuted on the Saudi stock market in March, after raising proceeds amounting to SR1.2 billion in an initial public offering.
The lower profits were attributed to IPO-related costs and a rise in marketing and Zakat expenses, despite a boost in sales from the operation of the Guyan mine at full capacity.
Revenues of the TASI-listed company went up by 15 percent during the six-month period, reaching SR303 million.
