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Scully Royalty (SRL) investor relations material
Scully Royalty Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2024 earnings summary29 Apr, 2025
Executive summary
Scully Royalty Ltd. reported a net loss attributable to shareholders of $20.6 million for 2024, compared to net income of $1.4 million in 2023, driven by lower royalty income, asset rationalization, and non-cash impairment charges.
Revenue declined to $35.3 million from $54.9 million year-over-year, mainly due to lower iron ore production, price volatility, and the sale of energy assets.
The company completed a major rationalization of non-core assets, classifying $88.5 million of assets as held for sale and recognizing an $18.6 million impairment loss.
Scully Royalty resumed its cash dividend policy, declaring $0.37 (US$0.26) per share, paid in February 2025.
The Scully Mine operator emerged from creditor protection in September 2024 with new shareholders and a $250 million equity injection, supporting a multi-year ramp-up plan.
Financial highlights
2024 revenue: $35.3 million (down from $54.9 million in 2023); 57% from iron ore royalty.
Net loss: $20.6 million, or $1.39 per share, versus net income of $1.4 million, or $0.09 per share, in 2023.
EBITDA loss: $9.3 million in 2024, compared to EBITDA of $19.9 million in 2023; 2024 included $18.6 million non-cash impairment.
Cash and equivalents: $19.1 million at year-end, down from $78.3 million, offset by higher short-term securities.
Book value per share: $20.39 at December 31, 2024 (down from $21.76 in 2023).
Outlook and guidance
The Scully Mine operator's new owners have committed to restoring production to the historical nameplate capacity of 6 million tonnes per year.
Scully Royalty aims to reduce the discount between its share price and net book value by focusing on its core iron ore royalty asset.
Future dividends will depend on royalty receipts and the mine operator's performance.
What is the expected timeline for Scully Mine to reach 6M TPA?
What is the nature of the $55.4M equity investment?
What is the current status of the $121M legal claim?
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Frequently asked questions
Scully Royalty Ltd. operates primarily as an iron ore royalty company with diversified interests in industrial and merchant banking activities. The company's main revenue stream comes from a royalty interest in the Scully Iron Ore mine located in Newfoundland and Labrador, Canada. This royalty arrangement grants Scully Royalty a percentage of the revenues from the iron ore produced and shipped from the mine. Beyond its mining interests, Scully Royalty engages in industrial projects involving resources and services, as well as regulated merchant banking through its global subsidiaries. The company is headquartered in Hong Kong, and its shares are listed on the NYSE.
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