PT Amman Mineral Internasional (AMMN) Q4 2024 earnings summary

Executive summary

• Achieved record gold production in 2024, up 73% year-over-year to 802,749 ounces, and copper production up 27% to 395 million pounds, both surpassing guidance.

• 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 sales and favorable metal prices.

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

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.

• Capex: $1,792 million, up 18% year-over-year.

• 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.

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

• Conservative operational outlook for 2025 due to smelter transition and inventory buildup.