Geoffrey Day, CEO of Al Masane Al Kobra Mining Co. (AMAK)
Geoffrey Day, CEO of Al Masane Al Kobra Mining Co. (AMAK), said escalating geopolitical tensions in parts of the Middle East disrupted transport networks and raised freight and logistics costs due to inflationary pressures. 
In an interview with Argaam, Day said management concluded these developments had no other material impact on the group’s operations or financial performance, as its core business continued without interruption.
Day said sales volumes of copper, zinc, gold and silver declined year on year, while higher realized prices across all metals partially offset the impact of lower volumes.
The net effect was an 8% year-on-year (YoY) decline in revenue, mainly driven by lower sales volumes across all metals, he added.
Day said lower sales volumes were mainly due to the temporary suspension of base metals processing at the Al Masane mine during the first and second quarters of 2026, adding that production gradually stabilized and operating performance improved after operations resumed in May.
He added that although gold prices were volatile in the second quarter, the company benefited from a higher average realized gold selling price, up about 12% compared with fiscal year 2025.
Based on current production levels, prevailing commodity prices and expectations of normal operating conditions, the company expects stronger financial and operational performance in the second half of 2026 than in the first half, Day said.
According to Argaam data, AMAK’s first-half 2026 net profit fell 26% YoY to SAR 94.8 million from SAR 128.3 million, while second-quarter net profit declined to SAR 34.7 million.
Geoffrey Day, CEO of Al Masane Al Kobra Mining Co. (AMAK)
Geoffrey Day, CEO of Al Masane Al Kobra Mining Co. (AMAK), said escalating geopolitical tensions in parts of the Middle East disrupted transport networks and raised freight and logistics costs due to inflationary pressures.
In an interview with Argaam, Day said management concluded these developments had no other material impact on the group’s operations or financial performance, as its core business continued without interruption.
Day said sales volumes of copper, zinc, gold and silver declined year on year, while higher realized prices across all metals partially offset the impact of lower volumes.
The net effect was an 8% year-on-year (YoY) decline in revenue, mainly driven by lower sales volumes across all metals, he added.
Day said lower sales volumes were mainly due to the temporary suspension of base metals processing at the Al Masane mine during the first and second quarters of 2026, adding that production gradually stabilized and operating performance improved after operations resumed in May.
He added that although gold prices were volatile in the second quarter, the company benefited from a higher average realized gold selling price, up about 12% compared with fiscal year 2025.
Based on current production levels, prevailing commodity prices and expectations of normal operating conditions, the company expects stronger financial and operational performance in the second half of 2026 than in the first half, Day said.
According to Argaam data, AMAK’s first-half 2026 net profit fell 26% YoY to SAR 94.8 million from SAR 128.3 million, while second-quarter net profit declined to SAR 34.7 million.
