trending Market Intelligence /marketintelligence/en/news-insights/trending/PPthSdZvdPvJZuTdBcZb9w2 content esgSubNav
In This List

Polymetal hikes interim dividend; H1'19 net profit slips YOY

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


Polymetal hikes interim dividend; H1'19 net profit slips YOY

Gold miner Polymetal International PLC's profit attributable to shareholders in the first half slipped 13% year over year to US$152 million, or 33 U.S. cents per share.

Results included foreign exchange losses of US$24 million, compared to year-ago gains of US$2 million, mainly due to U.S. dollar-denominated intercompany loans and the weakness in the Russian ruble. Finance costs rose to US$42 million, from US$31 million a year ago, with net debt rising to US$1.70 billion, from US$1.52 billion at the end of 2018.

Underlying net earnings jumped 21% on a yearly basis to US$188 million on the back of higher operating profit, according to an Aug. 27 release.

The Russia- and Kazakhstan-focused miner declared an interim dividend of 20 cents per share, up from 17 cents per share a year ago.

Revenue jumped 20% year over year to US$946 million on the back of higher gold sales, partially offset by lower silver sales and higher all-in sustaining cash cost per gold equivalent ounce, which rose to US$904 from US$898.

Gold sales jumped 36% to 604,000 ounces while silver sales decreased 15% to 10.3 million ounces on a yearly basis.

The company's gold-equivalent production in the half grew 22% year over year to 756,000 ounces.

Polymetal maintained 2019 production guidance at 1.55 million gold equivalent ounces at total cash costs of US$600 per ounce to US$650/oz.