12 Aug 2022

Saudi miner Amak almost triples 9-month profit in 2021

Saudi Arabia’s Al Masane Al Kobra Mining Co. has recorded a 188 percent jump in profit in the first nine months of 2021 from a year earlier.

Profits reached almost SR200 million ($53.3 million), compared to SR69.8 million in the same period a year ago, CEO, Yahia AlShangiti, told Argaam.

The profit hike was coupled with an increase in revenue of 76 percent on an annual basis to SR415 million.

The miner attributed the solid results to a higher volume of mining operations and cost-cutting schemes adopted by management.

Najran-based Al Masane Al Kobra, better known as Amak, mines for copper, zinc, gold, and other metals.

The firm’s annual production capacity is currently around 40,000 ounces of gold, 8,000 tons of copper, and 25,000 tons of zinc, according to AlShangiti.

Saudi Arabia’s mining sector could add $64 billion to the Kingdom’s GDP by 2030, the executive said.