Precious metals mining company Polymetal International Plc has seen its share price rally on publication of its results for the first half of full-year 2019.
The Company booked a 20% hike in revenues on a year-on-year comparison for the same period, up to US $946 million. Alongside this, the Company’s Adjusted EBIDTA jumped 34% to $403 million and its return on assets grew 1% to 14%. However, the Group’s net earnings dipped 13% on-year to $153 million.
The on-year comparison was mixed for the Polymetal shareholders, with a declared dividend of $0.31 per share up 3% on-year for the first half. Less encouraging, though, was that adjusted earnings per share dropped 18% from H1 2018, down to $0.33 a share.
Vitaly Nesis, Group CEO, added his insights on the results,
“Our strong earnings during the period reflect solid operational delivery, and most notably excellent results from Kyzyl”
“Traditionally, we expect seasonally lower costs, higher production and materially stronger cash flow generation in the second half of the year, allowing us to meet our full year cost and production guidance”.
The Company’s share price is currently up 2.20% or 24.50p to 1,140.50p a share 27/08/19 13:04 BST. RBC Capital Markets reiterated their ‘Outperform’ stance on Polymetal stock. The Group’s p/e ratio stands at 13.64 and their dividend yield is 3.25%.
Elsewhere in the mining and minerals sector, recent updates have come from; Cora Gold Ltd (LON: CORA), Glencore PLC (LON: GLEN), Jubilee Metals Group PLC (LON: JLP), Kavango Resources PLC (LON: KAV), Ariana Resources plc (LON: AUU), Rio Tinto plc (LON: RIO) and Bushveld Minerals Limited (LON: BMN).