Copper producer KAZ Minerals Plc (KAZ.L), formerly Kazakhmys PLC, Thursday reported that its profit before tax for fiscal 2019 rose to $726 million from last year’s $642 million.
Adjusted profit before tax was $922 million, higher than last year’s $862 million.
The Group’s net profit attributable to equity holders of the company rose to $571 million from $510 million in the prior year. Earnings per share totaled $1.17, compared to $1.14 a year ago. Based on underlying profit, diluted earnings per share declined to $1.17 from $1.18 a year ago.
Operating profit for the year increased to $923 million from $851 million last year.
Gross EBITDA rose to $1.36 billion from $1.31 billion a year ago.
Revenues for the year grew 5 percent to $2.27 billion from $2.16 billion in the prior year, principally due to higher copper and gold volumes which more than offset lower copper prices.
The company’s board has recommended a final dividend of 8.0 U.S. cents per ordinary share, which together with the interim dividend of 4.0 U.S. cents per ordinary share paid on 25 October 2019, brings the total dividend for 2019 to 12.0 U.S. cents per ordinary share.
Looking ahead to fiscal 2020, KAZ Minerals projects Group copper production of 280 to 300 kt as are expected to decline at Aktogay while East Region output is limited by low grades and challenging geological conditions.
Gold production for the year is expected to be 180 koz to 200 koz as Bozshakol maintains the high output levels achieved in 2019 but grades decline at Bozymchak, in line with the mine plan. Silver and zinc in concentrate production are expected to remain broadly in line with 2019, at about 3,000 koz and 40 kt, respectively.
The company also said that after nearly nine years as a Director, Charles Watson will retire from the Board during 2020.
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