MEXICO CITY (dpa-AFX) - Fresnillo Plc (FRES.L), a precious metals mining company, reported Tuesday significantly higher profit before tax in fiscal 2024, while net profit after tax was lower than last year, due to a tax expense this year and a tax income last year.
Further, the company announced final ordinary dividend of 26.1 US cents per share, amounting to $192.3 million. The total ordinary dividend for the year would be 32.5 US cents per share, amounting to $239.5 million.
The company also announced a one-off special dividend of 41.8 US cents per share, equivalent to $308.0 million which will also be payable on May 30 to shareholders on the register as at April 22.
Looking ahead, for fiscal 2025, the company projects attributable silver production to be in the range of 49.0 to 56.0 moz (including Silverstream), and attributable gold production to be in the range of 525 to 580 koz.
Expressed in silver equivalent ounces, production is expected to be 91-102 million ounces.
For the year 2024, profit before income tax surged 552.5 percent to $743.9 million from $114.0 million a year ago as a result of higher gross profit and lower administrative and exploration expenses.
Income tax was $390.2 million in the year, compared to tax income of $205.0 million last year.
On an after tax basis, profit for the year attributable to equity shareholders of the Group was $140.9 million, down 39.8 percent from $233.9 million in 2023.
Earnings per share were $0.191, lower than $0.317 a year ago.
Profit for the period, excluding post-tax Silverstream effects, was $354.3, compared to $282.9 million a year ago.
Earnings per share excluding post-tax Silverstream effects was $0.364, compared to $0.310 last year.
EBITDA for the year more than doubled to $1.55 billion from $655.7 million last year.
Total revenue of $3.50 billion was up 29.3 percent from $2.71 billion a year ago, driven by the increase in adjusted revenue and lower treatment and refining charges.
Adjusted revenue was $3.64 billion, a growth of 26.9 percent from 2023 primarily due to the higher precious metals prices and higher volumes of all metals sold.
Full-year attributable silver production of 56.3 moz, including Silverstream, was flat with last year. Attributable gold production of 631.6koz grew 3.4 percent from the prior year.
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