Financial Performance - The company achieved a revenue of $3,816.5 million for the year ending December 31, 2024, representing a growth of 5.8% compared to $3,606.4 million in 2023[2]. - Net profit for 2024 was $557.5 million, an increase of 46.2% from $381.4 million in 2023[2]. - Profit attributable to owners of the company was $398.5 million, up 43.6% from $277.6 million in 2023[2]. - Basic earnings per share for 2024 were approximately 10.34 cents, an increase of about 2.91 cents from 7.43 cents in 2023[2]. - Operating profit for 2024 was $786.8 million, compared to $591.4 million in 2023[5]. - The total profit for the year was $557,476 thousand, after accounting for unallocated income of $12,210 thousand and unallocated expenses of $(17,812) thousand[20]. - The gross profit for 2024 was $1,049.1 million, a 19.6% increase from $877.5 million in 2023, with a gross margin rising from 24.3% to 27.5%[103]. - The company reported a net profit attributable to owners of $398.5 million for 2024, a 43.6% increase from $277.6 million in 2023, with a profit margin of 10.4%[109]. Dividends and Shareholder Returns - The board proposed a final dividend of 4.2893 cents per share for 2024[3]. - The total dividend proposed for the year ending December 31, 2024, is $167,370,000, an increase from $115,898,000 in 2023[37]. - The proposed final dividend for the year ending December 31, 2024, is HKD 4.2893 per share, an increase from HKD 2.9702 per share for the previous year[130]. - The company will hold its annual general meeting on June 26, 2025, where the proposed final dividend will be subject to shareholder approval[131]. Cash Flow and Liquidity - Cash and cash equivalents at the end of 2024 increased to $1,018.7 million from $492.4 million at the end of 2023[9]. - The company reported a net cash inflow from operating activities of $775.2 million for 2024, compared to $589.3 million in 2023[9]. - Operating cash flow for 2024 was a net inflow of $775.2 million, up 31.5% from $589.3 million in 2023, mainly due to a decrease in accounts receivable[110]. - As of December 31, 2024, the group had cash, bank balances, and time deposits totaling $1,022.8 million, an increase of $420.4 million from $602.4 million on December 31, 2023[113]. - The group recorded a net cash position of approximately $997.0 million, compared to a net cash position of approximately $427.9 million in 2023, indicating no net debt[125]. Assets and Liabilities - Total assets as of December 31, 2024, were $4,154.4 million, up from $3,819.5 million in 2023[6]. - The company's equity attributable to owners increased to $2,249.1 million from $1,842.4 million in 2023[7]. - The total trade receivables amounted to $256.6 million as of December 31, 2024, a decrease of $161.0 million from $417.6 million in 2023, mainly due to a decline in receivables corresponding to copper product sales[114]. - The total inventory held by the group was $848.2 million as of December 31, 2024, a slight decrease of $13.1 million from $861.3 million in 2023, remaining relatively stable year-on-year[115]. - The total trade payables amounted to $440.5 million as of December 31, 2024, a decrease of $91.4 million from $531.9 million in 2023, primarily due to a decline in payables for auxiliary materials and raw material procurement[116]. Production and Operational Highlights - The total production of copper and anode copper was 285,930 tons, a slight increase of 0.1% year-on-year[48]. - Sulfuric acid production increased by 10.5% year-on-year to 1,056,035 tons[48]. - The company processed 111,901 tons of copper products, marking a 24.6% increase compared to the previous year[48]. - The total production of copper and anode copper at the Kambishi smelting facility reached 263,001 tons in 2024, reflecting a year-on-year increase of 21.5%[77]. - The total production of crude copper at Luanshya Copper Smelting was 131,252 tons in 2024, a decrease of 16.4%, primarily due to insufficient raw material supply and power shortages[81]. Investments and Future Projects - The company plans to invest $27.9 million in the Samba copper mine project, with a projected completion date for investment decision in 2025[89]. - The Mwambashi-B copper mine phase two open-pit mining project has an estimated total investment of $36.62 million, with plans to complete investment decisions in 2025[90]. - The company has invested $5.21 million in the recovery project of the West Mine as of December 31, 2024, with production expected in 2028[91]. - The MSESA mine recovery project has completed resource estimation in 2024, with a total investment of $4.72 million as of December 31, 2024[92]. Compliance and Governance - The company’s financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards, with the functional currency being USD[12]. - The company’s auditor issued an unqualified opinion on the financial statements for the years ending December 31, 2023, and December 31, 2024[11]. - The audit committee has reviewed the financial statements for the year ending December 31, 2024, confirming compliance with applicable accounting standards and sufficient disclosures[141]. - KPMG has verified the figures in the preliminary announcement against the audited consolidated financial statements for the year ending December 31, 2024, but did not issue any assurance opinion[142]. - The company has maintained compliance with all corporate governance codes as per the Listing Rules throughout the fiscal year ending December 31, 2024[140]. Market Outlook and Challenges - The company anticipates facing a more challenging external environment in 2025, with increased geopolitical tensions and commodity price volatility[129]. - Copper supply is expected to remain tight due to ongoing geopolitical, community, climate, and geological disruptions, while demand in sectors like power grids and home appliances is steadily increasing[129].
中国有色矿业(01258) - 2024 - 年度业绩