Shandong Gold Mining (600547) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 21.23 billion, up 52.77% year-over-year; YTD revenue was RMB 67.01 billion, up 62.15% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 682 million, up 46.62% year-over-year; YTD net profit was RMB 2.07 billion, up 53.57%.

• Excluding non-recurring items, Q3 net profit rose 70.69% year-over-year; YTD adjusted net profit increased 63.57%.

• Significant growth in both self-produced and purchased gold sales volumes and prices contributed to revenue and profit increases.

Financial highlights

• Basic and diluted EPS for Q3 were RMB 0.13, up 62.50% year-over-year; YTD EPS was RMB 0.39, up 69.57%.

• Operating cash flow for the first nine months was RMB 10.19 billion, up 113.80% year-over-year.

• Total assets at Q3-end were RMB 157.86 billion, up 17.28% from year-end 2023.

• Shareholders’ equity reached RMB 34.39 billion, up 3.96% from year-end 2023.

Outlook and guidance

• Jiao Jia Gold Mine completed mining rights integration and obtained a 6.6 million ton/year mining license; production capacity will be adjusted during expansion, impacting short-term operating metrics.

• Linglong Gold Mine’s Dongfeng and Lingshan areas are in normal production; Linglong area is awaiting a blasting permit to resume operations.