Polyus net profit up 63% on higher gold prices
MOSCOW - Russian largest gold producer Polyus said on Monday that its second-quarter net profit rose 63% year-on-year to $684-million due to a 31% increase in gold prices.
Its second-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were at $860-million, up 42% year-on-year, while revenue rose 29% to $1.2-billion.
Polyus remains on track to produce 2.8-million troy ounces of gold in 2020 with capital expenditures expected at between $700-million and $750-million.
Its board of directors recommended a dividend payment for the first half of 2020 of $435 million, or 30% of Polyus' EBITDA for the period. The dividend payment, with the record date due October 20, is expected at 240.18 roubles ($3.19) a share.
Polyus was able to maintain uninterrupted operations at all assets during the second quarter, despite the COVID-19 outbreak at its Olimpiada mine in Russia which was contained.
Polyus remained free-cash-flow positive with $450 million of levered free cash flow, bringing the first-half figure to $709 million.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation