4th Mar 2020 08:46
(Alliance News) - Polymetal International PLC on Wednesday said revenue was significantly higher in 2019 on the back of higher commodity prices.
Revenue climbed 20% to USD2.25 billion as the average realised gold price rose 13%. Gold sales increased by 14% to 1.4 million ounces.
Polymetal's silver sales fell 14% to 22.1 million ounces, but the average realised silver price climbed by 11%.
Polymetal said "prices followed market dynamics" while sales were "in line with production volume trends". Total cash costs remained stable at USD655 per gold equivalent ounce, just over guidance of USD600 to USD650 per ounce, but down 23% yearly.
The all-in sustaining cash cost per gold equivalent ounce in 2019 was USD866, nearly unchanged from 2018's USD864 and exceeding guidance of USD800 to USD850 per gold equivalent ounce.
Net earnings came to USD483 million, a 36% rise while basic earnings per share increased 31% to USD1.02.
Polymetal has proposed a final per share dividend of USD0.42, taking the total for the year to USD0.82, 71% higher than the year before.
The company's production guidance for 2020 and 2021 is 1.6 million ounces gold equivalent, with both years second-half weighted.
Total cash costs are expected to be between USD650 and USD700 per gold equivalent ounce while all-in sustaining cash costs are forecast at USD850 to USD900 per gold equivalent ounce.
Separately, Polymetal announced Non-Executive Directors Christine Coignard and Jean-Pascal Duvieusart will not seek re-election at its upcoming annual general meeting.
Andrea Abt, currently a non-executive director at John Laing Group PLC, Petrofac Ltd, and Gerresheimer AG, has been appointed to Polymetal's board as a non-executive director.
"Abt has almost 30 years of experience in international management and leadership roles in a wide variety of challenging environments in the Daimler Benz and Siemens groups: building organisations, consolidating, turning them around in the areas of transportation (rail and aerospace), logistics, IT and more traditional manufacturing businesses. Her background includes leading teams in sales, services, procurement and most recently, chief procurement officer and head of supply chain management of global organisations," Polymetal said.
Shares in Polymetal were up 0.8% at 1,276.00 pence in London on Wednesday morning.
By Anna Farley; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
POLY.L