Polyus Q4 net profit up 20% y/y on higher gold prices
MOSCOW – Russia's largest gold producer Polyus said on Thursday that its fourth-quarter net profit rose 20% year-on-year to $835-million due to a 26% increase in gold prices.
Its fourth-quarter adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) stood at $1.1-billion, up 29% year-on-year, while revenue rose 18% to $1.5-billion.
"In 2020, Polyus posted strong results despite a challenging environment resulting from the COVID-19 pandemic. Our revenue, Ebitda and free cash flow reached all time record highs," Pavel Grachev, Polyus CEO, said in a statement. Its 2020 revenue and Ebitda rose by 25% and 38%, respectively.
Polyus added that its board of directors had preliminarily considered a dividend payment for the second half of 2020 and plans to recommend it at $693-million, or at $5.09 a share.
The gold miner expects its 2021 total cash costs and capital expenditures to rise from 2020 to $425/oz to $450/oz and to $1.0-billion to $1.1-billion, respectively, it said.
It will start expansion of the Blagodatnoye mine, its main source of near-term output growth, and will continue preparing the feasibility study for its giant Sukhoi Log gold deposit.
Polyus, which sees its 2021 Covid-19-related expenses at $100-million, added that it was on track to produce 2.7-million troy ounces of gold in 2021, down from 2.8 million ounces in 2020.
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