HK Stock Market Move | MMG(01208) rose nearly 3% after its performance report, with pre-tax profits of $621 million in 2024, an increase of 228% year-on-year.

MMG (01208) rose nearly 3% after the performance report, rising 2.55% to 2.41 Hong Kong dollars and trading volume of 1.14 billion Hong Kong dollars. On the news front, on March 4th, MMG released its annual performance report ending on December 31, 2024. The revenue was 4.479 billion US dollars, an increase of 3% compared to the previous year. The pre-tax profit for the year was 621 million US dollars, a 228% increase, while the post-tax profit for the period was 366 million US dollars, a 200% increase, with basic earnings per share of 1.53 US cents. The announcement stated that the financial performance of MMG in 2024 showed improvement in the performance of all mines. The net profit after tax increased to 366 million US dollars (including profit attributable to equity holders of 162 million US dollars), achieving a significant increase compared to 122 million US dollars (including profit attributable to equity holders of 9 million US dollars) in 2023. By the end of 2024, MMG's leverage ratio was 41%, reaching a historic low, showing significant improvement since the acquisition of Las Bambas and a notable decrease compared to the acquisition of Khoemacau in March 2024. This achievement was mainly due to initiatives such as the issuance of a 1.152 billion US dollar share offering in July 2024 (excluding transaction costs), the establishment of a strategic joint venture company for Khoemacau in May, and the strong profitability of Las Bambas leading to a continued reduction in project loans. These initiatives strengthened MMG's balance sheet and laid the foundation for significant growth in the company's future.