MMG (01208) announces annual performance with pre-tax profit of 621 million US dollars, an increase of 228% year-on-year.

MMG (01208) announced its annual performance for the year ending December 31, 2024, with revenue of 4.479 billion US dollars, an increase of 3% year-on-year; pre-tax profit for the year of 621 million US dollars, an increase of 228% year-on-year; post-tax profit for the year of 366 million US dollars, an increase of 200% year-on-year; and basic earnings per share of 1.53 US cents. The announcement stated that in 2024, MMG achieved a Total Recordable Injury Frequency (TRIF) of 2.06 per million work hours, up from 1.97 in 2023. The Significant Energy Exchange Event Frequencies (SEEEF) for 2024 was 0.78 per million work hours, down from 1.14 in 2023. All mines will continue to focus on on-site inspections, implementation and enforcement of key control measures, and effective contractor management. Financial performance for 2024 showed improvement in all mines. Post-tax net profit increased to 366 million US dollars (including attributable profit to equity holders of 162 million US dollars), a significant increase from 122 million US dollars in 2023 (including attributable profit to equity holders of 9 million US dollars). As of the end of 2024, MMG's leverage ratio was 41%, the lowest in history, showing significant improvement since the acquisition of Las Bambas, and a significant decrease compared to the acquisition of Khoemacau in March 2024. This achievement was mainly due to several measures: issuing 1.152 billion US dollars in equity in July 2024 (net of transaction costs), forming a strategic joint venture for Khoemacau in May, and strong profitability and continuous cash flow from Las Bambas reducing the use of project loans. These measures strengthened MMG's balance sheet and laid the foundation for significant growth in the future.