RIYADH: Saudi miner Amak has recorded a 22 percent profit hike for the first quarter, after making a strong debut on the Kingdom’s stock market earlier this year. Formally known as Al Masane Al Kobra Mining Co., the firm posted SR41.8 million ($11.2 million) in profit, compared to SR34 million in the same period last year, it said in a bourse filing. Its performance was boosted by a rise in sales of base and precious metals and higher prices, despite incurring initial public offering transaction costs and other expenses, the company added. Amak debuted on the Saudi stock market on March 29, after raising proceeds amounting to SR1.2 billion in an initial public offering.