Reported Earnings • May 01
First quarter 2026 earnings released: EPS: ر.س0.68 (vs ر.س0.62 in 1Q 2025) First quarter 2026 results: EPS: ر.س0.68 (up from ر.س0.62 in 1Q 2025). Revenue: ر.س218.4m (flat on 1Q 2025). Net income: ر.س60.1m (up 8.8% from 1Q 2025). Profit margin: 28% (up from 25% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Apr 22
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. No independent directors (9 non-independent directors). Director Abdulsalam Al Draibi was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 16
Al Masane Al Kobra Mining Company, Annual General Meeting, May 07, 2026 Al Masane Al Kobra Mining Company, Annual General Meeting, May 07, 2026, at 18:30 Arab Standard Time. Location: najran Saudi Arabia Announcement • Jan 24
Almasane Alkobra Mining Company Announces the Temporary Suspension of One of Its Processing Plants Almasane Alkobra Mining Co. (AMAK) announced the temporary suspension of base metals (Zinc and Copper concentrates) processing through the Company's Al Masane (ALM) process plant for approximately 16 weeks from 22 January 2026. The precious metals circuit of the Al Masane process plant, the Moyeath base metals process plant, and the Guyan precious metal process plant are not impacted by this announcement and will remain in operation at full capacity during this period. The suspension is in accordance with the company's 2026 business plan and will contribute to optimizing longer term ore production from the Saadah, Al Houra and Moyeath orebodies, collectively representing the Al Masane ("ALM") underground mining complex for base and precious metals. The financial impact will depend on the actual duration of the deferred processing period and average sales prices of metals and will be reflected in the first and second Quarter of 2026 financial results. The company will make further announcements in relation to any updates and progress as appropriate. New Risk • Jan 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (96% cash payout ratio). Share price has been volatile over the past 3 months (5.4% average weekly change). Reported Earnings • Nov 01
Third quarter 2025 earnings released: EPS: ر.س0.92 (vs ر.س0.68 in 3Q 2024) Third quarter 2025 results: EPS: ر.س0.92 (up from ر.س0.68 in 3Q 2024). Revenue: ر.س271.1m (up 26% from 3Q 2024). Net income: ر.س81.4m (up 36% from 3Q 2024). Profit margin: 30% (up from 28% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Metals and Mining industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Declared Dividend • Sep 11
First half dividend of ر.س1.25 announced Shareholders will receive a dividend of ر.س1.25. Ex-date: 1st October 2025 Payment date: 1st January 1970 Dividend yield will be 3.6%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (46% earnings payout ratio) but not covered by cash flows (105% cash payout ratio). The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 13% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: ر.س0.82 (vs ر.س0.70 in 2Q 2024) Second quarter 2025 results: EPS: ر.س0.82 (up from ر.س0.70 in 2Q 2024). Revenue: ر.س258.6m (up 27% from 2Q 2024). Net income: ر.س73.0m (up 18% from 2Q 2024). Profit margin: 28% (down from 30% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 30
First quarter 2025 earnings released: EPS: ر.س0.62 (vs ر.س0.17 in 1Q 2024) First quarter 2025 results: EPS: ر.س0.62 (up from ر.س0.17 in 1Q 2024). Revenue: ر.س219.8m (up 63% from 1Q 2024). Net income: ر.س55.2m (up 265% from 1Q 2024). Profit margin: 25% (up from 11% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 8% per year. Announcement • Apr 18
Al Masane Al Kobra Mining Company, Annual General Meeting, May 08, 2025 Al Masane Al Kobra Mining Company, Annual General Meeting, May 08, 2025, at 18:30 Arab Standard Time. Location: najran Saudi Arabia New Risk • Apr 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 103% Cash payout ratio: 184% Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). Reported Earnings • Feb 26
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ر.س2.01 (up from ر.س0.73 in FY 2023). Revenue: ر.س780.6m (up 60% from FY 2023). Net income: ر.س177.9m (up 226% from FY 2023). Profit margin: 23% (up from 11% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ر.س0.70 (vs ر.س0.12 in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.70 (up from ر.س0.12 in 2Q 2023). Revenue: ر.س203.3m (up 70% from 2Q 2023). Net income: ر.س61.8m (up 483% from 2Q 2023). Profit margin: 30% (up from 8.8% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Metals and Mining industry in Saudi Arabia. Buy Or Sell Opportunity • Aug 11
Now 20% undervalued Over the last 90 days, the stock has risen 2.8% to ر.س62.20. The fair value is estimated to be ر.س78.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 41%. Revenue is forecast to grow by 63% in a year. Earnings are forecast to grow by 355% in the next year. Announcement • Jul 05
Almasane Alkobra Mining Company Announces Acting CEO Changes Almasane Alkobra Mining Company (AMAK) announced the end of the employment contract of Eng. Christopher Gerard Warwick, the Acting CEO of AMAK. where his last working date will be on July 04, 2024. The Board of Directors decided to appoint Eng. Nihat Soyer as an Acting CEO of the company starting from July 04, 2024. Engineer Nihat Soyer is a Mining Engineer with more than 30 years of experience in the mining industry, covering many areas of mining including open pit and underground mine operations in many countries such as Turkey, Albania, Kyrgyzstan and Saudi Arabia. He studied mining engineering and obtained a bachelor-s degree (B.Sc.) in mining engineering from Middle East Technical University (METU)-Ankara, Turkey and master-s degree (M.Sc.) from the same university. Engineer Nihat is a registered professional engineer and member of MAusIMM (Australian Institute of Mining and Metallurgy and a member of SCE (Saudi Council of Engineers). Engineer Nihat joined (AMAK) as Project Manager in 2018, and before that, he worked in different projects for international and Turkish companies for more than 25 years. Announcement • May 10
Al Masane Al Kobra Mining Company, Annual General Meeting, May 29, 2024 Al Masane Al Kobra Mining Company, Annual General Meeting, May 29, 2024, at 18:30 Arab Standard Time. Location: najrane Saudi Arabia Reported Earnings • May 06
First quarter 2024 earnings released: EPS: ر.س0.17 (vs ر.س0.36 in 1Q 2023) First quarter 2024 results: EPS: ر.س0.17 (down from ر.س0.36 in 1Q 2023). Revenue: ر.س134.5m (down 6.0% from 1Q 2023). Net income: ر.س15.1m (down 54% from 1Q 2023). Profit margin: 11% (down from 23% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Metals and Mining industry in Saudi Arabia. New Risk • Mar 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 189% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 189% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (11% net profit margin). Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: ر.س0.73 (vs ر.س1.49 in FY 2022) Full year 2023 results: EPS: ر.س0.73 (down from ر.س1.49 in FY 2022). Revenue: ر.س487.9m (down 16% from FY 2022). Net income: ر.س54.6m (down 57% from FY 2022). Profit margin: 11% (down from 22% in FY 2022). The decrease in margin was driven by lower revenue. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ر.س0.07 (vs ر.س0.27 in 3Q 2022) Third quarter 2023 results: EPS: ر.س0.07 (down from ر.س0.27 in 3Q 2022). Revenue: ر.س110.2m (down 12% from 3Q 2022). Net income: ر.س5.18m (down 77% from 3Q 2022). Profit margin: 4.7% (down from 18% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. New Risk • Aug 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 118% Paying a dividend despite having no free cash flows. High level of non-cash earnings (21% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (16% net profit margin). Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: ر.س0.12 (vs ر.س0.49 in 2Q 2022) Second quarter 2023 results: EPS: ر.س0.12 (down from ر.س0.49 in 2Q 2022). Revenue: ر.س119.9m (down 17% from 2Q 2022). Net income: ر.س10.6m (down 74% from 2Q 2022). Profit margin: 8.8% (down from 28% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Abdulellah Othman Al Saleh was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 14
Al Masane Al Kobra Mining Company Recommends Cash Dividend for the Third Quarter of 2022 Al Masane Al Kobra Mining Company announced its Board of Director's recommendation on 19/04/1444 AH corresponding to 13/11/2022 G to distribute cash dividends to its shareholders for the third quarter of 2022 G. The Total amount distributed is 38,842,432.20. Thirty-eight million, eight hundred and forty-two thousand four hundred and thirty-two Saudi riyals and twenty halala. Dividend per share 0.60 Halala Percentage of Dividend to the Share Par Value (%) 6%. Distribution date will be announced later. Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: ر.س0.67 (vs ر.س1.07 in 2Q 2021) Second quarter 2022 results: EPS: ر.س0.67 (down from ر.س1.07 in 2Q 2021). Revenue: ر.س144.6m (down 1.3% from 2Q 2021). Net income: ر.س40.4m (down 31% from 2Q 2021). Profit margin: 28% (down from 40% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 17% share price gain to ر.س87.00, the stock trades at a trailing P/E ratio of 27.4x. Average trailing P/E is 19x in the Metals and Mining industry in Saudi Arabia. Announcement • Jul 19
Almasane Alkobra Mining Company Proposes Cash Dividend for First Half of 2022 Almasane Alkobra Mining Company announced its Board of Director's recommendation to distribute cash dividends of SAR 2 per share to its shareholders for the first half of 2022, Percentage of Dividend to the Share Par Value is 20%. Reported Earnings • May 24
First quarter 2022 earnings released: EPS: ر.س0.75 (vs ر.س0.63 in 1Q 2021) First quarter 2022 results: EPS: ر.س0.75 (up from ر.س0.63 in 1Q 2021). Revenue: ر.س158.0m (up 34% from 1Q 2021). Net income: ر.س41.8m (up 22% from 1Q 2021). Profit margin: 27% (down from 29% in 1Q 2021). The decrease in margin was driven by higher expenses. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Abdulellah Othman Al Saleh was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 30
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Abdulellah Othman Al Saleh was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.