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China Molybdenum more than doubles FY'17 dividend on earnings jump

China Molybdenum Co. Ltd. said March 29 that it more than doubled its 2017 dividend after its net profit attributable to shareholders jumped 173.32% year over year to 2.73 billion Chinese yuan.

The company declared a final cash dividend of 7.6 fen per share for the year, up from 3.5 fen per share declared for 2016.

The increase in profit was attributed mainly to the acquisition of a niobium and phosphorus minerals business in Brazil, the purchase of a stake in the Tenke Fungurume copper-cobalt project in the Democratic Republic of the Congo, and higher selling prices for molybdenum, tungsten, copper and cobalt.

Operation revenue grew 247.47% to 24.15 billion yuan as operating profit for the year surged 610.37% to 5.38 billion yuan.

On the operational side, China Molybdenum's attributable copper metal production jumped to almost 249,000 tonnes, while cobalt metal output rose nearly 50% to 16,419 tonnes.

As of Dec. 31, 2017, the company's liabilities had dropped 15.51% on a yearly basis to 13.50 billion yuan, thanks to repaying partial short-term borrowings in 2017 and repaying super short-term financing bonds due in 2017.

As of March 29, US$1 was equivalent to 6.29 Chinese yuan.