China Nonferrous Mining Corporation (1258) H2 2024 earnings summary

Executive summary

• Revenue rose 5.8% year-over-year to US$3,816.5 million, driven by higher copper prices and stable production.

• Net profit increased 46.2% to US$557.5 million; profit attributable to owners up 43.6% to US$398.5 million.

• Gross profit margin improved to 27.5% from 24.3% year-over-year.

• Final dividend proposed at US¢4.2893 per share, subject to shareholder approval.

Financial highlights

• Revenue: US$3,816.5 million (+5.8% YoY); net profit: US$557.5 million (+46.2% YoY).

• Gross profit: US$1,049.1 million (+19.6% YoY); gross margin: 27.5%.

• Basic EPS: US¢10.34 (HK$0.81), up from US¢7.43 (HK$0.58) in 2023.

• Net cash from operating activities: US$775.2 million (+31.5% YoY).

• Capital expenditure: US$168.8 million, up US$31.9 million YoY.

Outlook and guidance

• 2025 expected to face greater external challenges: power shortages, volatile commodity prices, and geopolitical risks.

• Copper supply expected to remain tight; international copper prices may stay high.

• Focus on technological upgrades, production expansion, and power supply security.