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Polyus' Q2 earnings surge YOY to US$419M on higher sales

Russian gold miner PJSC Polyus said Aug. 6 that second-quarter profit grew to US$419 million, or US$3.15 per share, from US$114 million, or 74 cents per share, a year ago.

Revenue was up 30% on a yearly basis to US$897 million, while adjusted EBITDA rose 32% to US$604 million driven by higher gold sales volumes.

All-in sustaining costs were US$584 per ounce sold, unchanged from a year ago. Total cash costs rose 2% to US$352/oz.

CEO Pavel Grachev said the company remains focused on pursuing organic growth opportunities within its asset portfolio. Capital expenditure for the period came in at US$154 million.

For the first half, profit rose to US$947 million from US$358 million a year ago, while revenue jumped 26% to US$1.65 billion.

The board plans to recommend a dividend of US$328 million for the first half, equivalent to US$2.46 per share or US$1.23 per depositary share.