PT Amman Mineral Internasional (AMMN) Q4 2024 earnings summary

Executive summary

• Achieved record gold production in FY 2024, with gold output up 73% to 802,749 oz and copper production up 27% to 395 million lbs.

• Net sales rose 31% to $2,664 million, EBITDA increased 40% to $1,426 million, and net income surged 148% to $642 million, driven by higher gold and copper sales and favorable metal prices.

• Net profit attributable to owners rose to $636.9 million, a 153% increase from 2023, with EPS at $0.00878.

• Major expansion projects progressed, including smelter commissioning, power plant upgrades, and processing plant expansion.

• The group maintained strong compliance with Indonesian accounting standards and received an unqualified audit opinion.

Financial highlights

• Net sales: $2,664 million, up 31% year-over-year.

• EBITDA: $1,426 million (54% margin), up 40% year-over-year.

• Net income: $642 million (24% margin), up 148% year-over-year.

• Gross profit increased to $1,345.0 million in 2024 from $901.9 million in 2023.

• Cash and cash equivalents: $754 million; net debt: $3,531 million.

Outlook and guidance

• 2025 guidance is conservative due to transition from Phase 7 to Phase 8, with lower expected copper and gold production as ore grades decline temporarily.

• Metal production expected to rebound in 2026 as higher-grade ore from Phase 8 becomes accessible.

• The group anticipates transitioning from concentrate exports to selling finished copper, gold, and silver products as the new smelter and refinery commence operations.

• Regulatory changes allow copper concentrate exports until December 31, 2024, after which sales will shift to refined products.

• First copper cathode production from the new smelter expected in late March 2025; first gold and silver bullion from PMR anticipated in Q3 2025.