RIYADH: Al Masane Al Kobra Mining Co. has recorded a 22 percent profit drop for the first nine months of 2022, after making a strong debut on the Kingdom’s stock market earlier this year.

Amak posted SR105 million ($28 million) in profit, down from SR135 million in the same period last year, it said in a bourse filing.

In response to the profit decline, shares of the company went down by nearly 5.31 percent to reach SR74.90

The lower profits were attributed to IPO-related costs and a rise in marketing and Zakat expenses, despite a 3 percent rise in revenues.

The TASI-listed company’s profits were also impacted by a fall in copper prices, a decrease in zinc sales, and an increase in general and administrative expenses.

Amak has also underperformed during the third quarter by posting a 46 percent decline in profits to SR23 million.