Almasane Alkobra Mining Company (AMAK), one of Saudi Arabia’s leading exploration and mining companies, is proud to announce record-breaking results for Q1 2025. These excellent results are a reflection of AMAK’s strong financial management, operational excellence, strategic initiatives, and commitment to sustainability and workforce development.
Q1 2025 Financial Performance Highlights
AMAK’s financial performance in Q1 2025 has been exceptional, marking a significant leap from the same quarter of the previous year:
• Net Profit: SAR55.2 million, a 265 % increase compared to Q1 2024, achieving an annualized rate exceeding SAR200 million per annum
• Revenue: SAR219.7 million, a 63 % increase compared to Q1 2024
• Earnings Per Share (EPS): SAR0.62, compared to SAR0.17 in Q1 2024.
Key Drivers of Growth
Several strategic and market factors contributed to AMAK’s outstanding growth in Q1 2025:
• Rising commodity prices, particularly for copper, zinc, and gold
• Increased production and sales volumes across key operations compared to Q1 2024
• Enhanced operational efficiency and cost management
• Commissioning and successful operation of the new Moyeath process plant
Operational Excellence Delivering Strong Financial Performance
Operational achievements were central to AMAK’s record quarter (Q1 2025 vs Q1 2024):
• The recently commissioned Moyeath process plant continues to operate at or above budget expectations in terms of throughput and recovery, generating SAR 69.8 million in revenue in Q1 2025
• Gross Profit: SAR48.9 million, up 140 % from Q1 2024 based on operational improvements and rigorous financial management
• Operating Profit: SAR50.2 million, reflecting a 281 % increase from Q1 2024
Strategic Growth Initiatives
AMAK has made significant strides in securing future growth and expanding its resource base:
Guyan Gold Mine is set to transition to underground mining in Q1 2026, with decline development on target and within budget
Steady progress on the Khutianah Gold Project and Nuham Iron Ore Project
Expansion of the company’s resource base through ongoing acquisition of additional high-potential exploration leases. At the end of Q1 2025 AMAK holds 20 exploration licenses covering more than 1,500 km. Exploration drilling has commenced on priority targets within leases close to the existing processing facilities at Al Masane with ongoing additional target definition well underway. AMAK plans to invest approximately 4-5 times more in exploration in 2025 compared to 2024.
The launch of an exploration drilling services subsidiary to enhance in-house exploration capabilities and provide high-quality exploration drilling services to the Kingdom’s expanding minerals exploration market
Sustainability and Workforce Development
AMAK remains committed to sustainable growth and national workforce empowerment:
Environmental initiatives include reducing diesel consumption and connecting facilities to the national electricity grid, and the roll-out of an improved water management strategy
Saudization efforts now exceed the localization rate of in excess of 36%
Continued investment in training and development programs aimed at building Saudi talent within the exploration and mining sector
Strategic collaboration with Saudi education and training institutions being advanced to further our efforts in this regard
Future Outlook
Looking ahead, AMAK plans to:
Continue investing in exploration and expansion projects for new mines throughout the Kingdom
Strengthen its financial position to support long-term growth initiatives
Align its strategic direction with the goals of Saudi Vision 2030, particularly in enhancing the mining sector’s contribution to national development
AMAK’s strong performance in 2024 has continued into Q1 2025 and represents not just a milestone in its history, but a strong foundation for sustainable and diversified growth in the years to come
