China Nonferrous Mining Corporation (1258) H2 2024 earnings summary

Executive summary

• Achieved record operating revenue of US$3,816 million in 2024, up 5.8% year-over-year, and net profit attributable to the parent of US$399 million, up 43.5% year-over-year.

• Comprehensive copper output reached 524,000 tonnes, with major product output in line with expectations.

• Implemented cost reduction and reform measures, offsetting increased electricity and other costs, and maintained stable copper production costs.

• Raised nearly HK$1 billion via share placement, supporting expansion and acquisitions.

• Proposed cash dividend payout at 42% of net profit, maintaining a high payout ratio.

Financial highlights

• Revenue increased by US$210.1 million to US$3,816.5 million in 2024.

• Net profit attributable to owners rose by US$120.9 million to US$398.5 million.

• Gross profit grew 19.6% to US$1,049.1 million; gross margin improved from 24.3% to 27.5%.

• Earnings per share rose to 10.34 US cents (0.81 HK$) from 7.43 US cents (0.58 HK$).

• Net cash from operating activities increased 31.5% to US$775.2 million.

Outlook and guidance

• Anticipates a more challenging external environment in 2025 due to global economic volatility, power shortages in Africa, and fluctuating commodity prices.

• Expects copper prices to remain at medium to high levels, with tight supply and steady demand.

• Plans to accelerate production expansion, increase reserves, and implement further reforms.