Investor relations and media

CMOC Releases Results for Q1 2024

2024-04-30 12:43:54

Key financial indicators

During the reporting period, the Company registered a revenue of RMB46.12 billion, up 4.15% YoY;net profit attributable to the parent company of RMB2.07 billion, up 553% YoY; net profit attributable to parent company of RMB2.091 billion after deducting non-recurring profits and losses, up 3,083% YoY; EPS of RMB0.1, up 567% YoY, and net operating cash flow reached RMB5.48 billion, up 17.98% YoY; ROE was 3.46%, up 2.84 percentage points from the same period last year.

Business highlights

Copper and cobalt production volume hit a single-quarter record high. In Q1, the company achieved copper production of 147.5kt, up 122.86% YoY, and cobalt production of 25.2kt, up 392.23%YoY, setting a record for the highest production in a single quarter. Production of molybdenum, tungsten, niobium and phosphate fertilizer was 3,474 tons, 1,921 tons, 2,506 tons and 278.8kt, respectively. Based on the median of the 2024 production guidance, copper, cobalt, molybdenum, tungsten, and niobium exceeded the averages by completing 27%, 39%, 26%, 27%, and 26%, respectively.

Sales of major products were booming. During the reporting period, the Company's copper sales reached 125.5kt, up 4,361% YoY; cobalt sales reached 24.3kt, up 2,387% YoY; and molybdenum, tungsten, and niobium sales reached 3,408 tons, 1,773 tons, and 2,507 tons, up 19.52%, 18.58%, and 12.44% YoY, respectively.

Focusing on refined management, gross profit of copper products increased further. Through refined management, the company deeply implemented the strategy of cost reduction and efficiency enhancement to reduce the overall cost, and profitability was improved. The gross profit margin of copper in Q1 was 48%, up 2.7 percentage points from 2023, leading domestic copper companies; the gross profit margin of niobium was 38%, up 4 percentage points from last year.

Ranked No. 1 global mining company in terms of expanded copper production in 2024. During the reporting period, TFM mixed ore project reached full production, and copper and cobalt production ushered in a record high at the end of March; copper production of KFM exceeded 14,000 tons for three consecutive months. Referring to the guidance of 520,000-570,000 tons of copper production, the company's highest copper increment in 2024 is above 150,000 tons, which will be the largest source of expanded global copper production.