LONDON (dpa-AFX) - Mining company Antofagasta PLC (ANFGY.PK, ANTO.L) reported that its profit before tax for fiscal year 2024 was $2.071 billion, up 5% from the prior year's $1.966 billion due the exceptional items, partly offset by higher depreciation and amortisation. Earnings per basic share from continuing operations were 84.1 cents compared to 84.7 cents in the previous year.
Earnings per share for the year, excluding exceptional items, were 62.8 cents, a decrease of 13% from 2023, reflecting underlying movements in profit before tax.
Annual profit attributable to the owners of the parent declined to $829.4 million from $835.1 million in the prior year.
Excluding exceptional items, the profit attributable to the owners of the parent decreased by $90.3 million to $619.5 million.
The Group's EBITDA was $3.427 billion, 11% higher than 2023 on higher revenues, and an improved EBITDA margin of 52%, which reflects the higher copper price and demonstrates the impact of the Competitiveness Programme and cost discipline, which collectively served to deliver greater efficiency and operational performance across the business.
Underlying profit before tax, excluding exceptional items, was $1.649 billion, 8% lower than 2023, reflecting the positive underlying movements, offset by higher depreciation and amortisation. This increase was primarily related to the increase in amortisation of mine development and new mine fleet equipment at Centinela, along with the commencement of the Los Pelambres Phase 1 Expansion Project in 2024.
Revenue for the year increased by 5% to $6.613 billion from last year's $6.325 billion, reflecting the higher copper price, partly offset by lower sales volumes due to the rescheduling of vessels between periods, as a consequence of adverse weather conditions (sea swells) in the north of Chile.
The Group's guidance for 2025 remains unchanged, with production expected to be between 660,000 and 700,000 tonnes.
The Board has recommended a final dividend of 23.5 cents per share, equivalent to $231.7 million and, if approved, would represent a total pay-out of 50% of underlying earnings per share, in line with the Company's dividend policy making the total dividend for the year 31.4 cents per share, equivalent to $309.6 million.
The Board has recommended a final dividend for 2024 of 23.5 cents per ordinary share, which amounts to $231.7 million and will be paid on 12 May 2025 to shareholders on the share register at the close of business on 22 April 2025. The Board declared an interim dividend for the first half of 2024 of 7.9 cents per ordinary share.
This gives total dividends proposed in relation to 2024 of 31.4 cents per share compared to 36.0 cents per ordinary share paid in 2023.
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