■ In Q1 2021, the Company recorded RMB39.915 billion revenue, up 78% year-on-year, RMB3.306 billion EBITDA, up 124% year-on-year, RMB1.007 billion net earnings attributable to the parent company, record quarterly high since 2019 with a 125% increase year-on-year, and RMB503 million net earnings after extraordinary gains and losses, up 140% year-on-year. The Company also reported an EPS of RMB0.047, up 124% over Q1 2020.
■ The Company maintained stable production and operations across its business segments with output of all products meeting expectation. Specifically, 4,031 tonnes of molybdenum and 2,091 tonnes of tungsten were produced in CMOC China, 49,687 tonnes of copper and 3,300 tonnes of cobalt at TFM, the DRC, 1,877 tonnes of niobium and 255,200 tonnes of phosphate in CMOC Brazil, and 5,648 tonnes of copper and 4,489 ounces of gold at NPM, Australia (based on 80% equity), while IXM reported a mineral metal trading volume of 1.4 million tonnes.
■ IXM maintained sound business performance and realized around RMB190 million net earnings in Q1 2021 as the synergy between mining and trading continues to yield fruits.
■ The Company continued its efforts in cost and efficiency across all business segments and achieved RMB175 million total cost savings.
■ In terms of balance sheet management, as of March 31, the Company reported RMB23.08 billion in cash and cash equivalents and 23.38% of net interest-bearing debt ratio, suggesting the robustness of its liquidity position.
Remarks by Sun Ruiwen, CEO of CMOC
“As the COVID-19 situations start to ease, the global economy is recovering on all fronts, driving the price hikes in global commodity markets. Based on the good results in 2020, the Company managed even stronger production of key metals including copper, cobalt, and molybdenum in Q1 2021, in particular copper production in the DRC is 16% higher over the same period in 2020. Price hikes in addition to such increase in output provide strong bolster to the Company’s profitability as represented by its net earnings of RMB1.007 billion, a record quarterly high since 2019. The Company also reported Q1 gross margin of 43% for mine exploration and processing business, 26 basis points higher over same period last year, and ROE of 2.6%, 1.5 basis points higher over same period last year, both ratios registering new quarterly highs since 2020.
In Q1 2021, the Company completed investment of RMB684 million in capital projects, up 37% year-on-year, including in the expansion projects both at TFM in the DRC and NPM in Australia that are planned to be put into production in Q2, upon completion of which further release of production capacity and continued efforts in cost optimization will render the Company a better position to capture the upsides in metal prices and achieve stronger profitability.”