Changes in Hong Kong stocks | Minmetals Resources (01208) rose nearly 3% after performance, profit before income tax of US$621 million in 2024 increased 228% year-on-year

The Zhitong Finance App learned that Minmetals Resources (01208) rose nearly 3% after the results. As of press release, it had risen 2.55% to HK$2.41, with a turnover of HK$114 million.

According to the news, on March 4, Minmetals Resources announced its annual results for the year ended December 31, 2024, with revenue of US$4.479 billion, up 3% year on year; profit before income tax of US$621 million during the year, up 228% year on year; profit after income tax of US$366 million, up 200% year on year; and basic profit of 1.53 US cents per share.

According to the announcement, MMG's 2024 financial results showed an improvement in the performance of all mines. Net profit after tax increased to US$366 million (including profit attributable to equity holders of US$162 million), a significant increase from US$122 million in 2023 (including profit attributable to equity holders of US$9 million).

By the end of 2024, MMG's leverage ratio was 41%, a record low. It has improved significantly since the acquisition of Las Bambas, and is significantly lower than when it acquired Khoemacau in March 2024. This result was mainly due to the following initiatives: the issuance of a US$1.152 billion share offering in July 2024 (net of transaction costs), the formation of a strategic joint venture for Khoemacau in May, and the strong profits and cash flow of Las Bambas, which continued to reduce the use of project loans. These steps strengthened MMG's balance sheet and laid the foundation for the company's significant future growth.