CMOC's Q3 net profit increased by 64.12% year-on-year, with a 15.81% increase in gross profit margin for its copper-related business | Financial Report Insights

Wallstreetcn
2024.10.28 12:00
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In the third quarter, the gross profit margin of copper mining and processing business increased by 15.81% year-on-year, the gross profit margin of phosphate fertilizer business increased by 8.29% year-on-year, CMOC's net profit was RMB 2.856 billion, a year-on-year increase of 64.12%, with total revenue of RMB 51.936 billion, a year-on-year increase of 15.53%

In the third quarter, the gross profit margin of the copper mining and processing business increased by 15.81% year-on-year, the gross profit margin of the phosphate fertilizer business increased by 8.29% year-on-year, and the net profit of CMOC increased by 64.12% year-on-year.

On Monday, October 28th, CMOC released its third-quarter financial report:

1) Key Financial Data:

  • Total revenue in the third quarter: RMB 51.936 billion, a year-on-year increase of 15.53%; Total revenue for the first three quarters was RMB 154.755 billion, a year-on-year increase of 17.52%.
  • Net profit in the third quarter: RMB 2.856 billion, a year-on-year increase of 64.12%; Revenue for the first three quarters was RMB 8.273 billion, a year-on-year increase of 238.62%.
  • Earnings per share in the third quarter: RMB 0.14, a year-on-year increase of 75%; Earnings per share for the first three quarters was RMB 0.39, a year-on-year increase of 254.55%.
  • Net profit excluding non-recurring gains and losses in the third quarter: RMB 2.927 billion, a year-on-year increase of 157.76%.
  • Total assets as of the end of the third quarter: RMB 181.725 billion, RMB 172.975 billion at the end of 2023.

2) Main Products

Luoyang Luanchuan Molybdenum Co., Ltd. is engaged in the non-ferrous metal ore mining and dressing industry, mainly involved in the mining, selection, smelting of basic metals, rare metals, and mineral trading. The company's main business is distributed in Asia, Africa, South America, and Europe. It is a global leading producer of copper, cobalt, molybdenum, tungsten, and niobium, as well as a leading phosphate fertilizer producer in Brazil. The company's metal trading business also ranks among the top globally.

Today, CMOC closed flat at RMB 7.92 per share, with a market value of RMB 171.066 billion.

CMOC to Repurchase 100 Million Shares and Cancel Them

Today, CMOC announced that, to increase shareholder returns and enhance investor confidence, the company plans to cancel 99,999,964 repurchased shares from the special securities account that have been held for more than three years, and correspondingly reduce the company's registered capital, completing the relevant cancellation procedures.

After the repurchase share cancellation, CMOC's total share capital will change from 21.599 billion shares to 21.499 billion shares.

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