Half Year 2024 KGHM Polska Miedz SA Earnings Call Transcript
Key Points
- KGHM Polska Miedz SA (XPRA:KGH) reported a 35% increase in adjusted EBITDA, reaching PLN 4.2 billion for the first half of 2024.
- Net profit surged by over 200%, from PLN 400 million in the first half of 2023 to PLN 1.74 billion in the first half of 2024.
- Copper prices increased by 4% in dollar terms, contributing positively to the company's revenue.
- The company successfully issued bonds worth PLN 1 billion, marking the cheapest post-COVID non-rated bond issue.
- KGHM Polska Miedz SA (XPRA:KGH) achieved a 7% reduction in C1 costs, reflecting improved operational efficiency.
- Revenue slightly decreased by 2%, ending at PLN 17.48 billion for the first half of 2024.
- Production of metallic silver fell by 4.7% compared to the first half of 2023.
- Gold production saw a significant decline of 22.4%, attributed to a high baseline and reduced processing of imported concentrate.
- CapEx increased by 50% compared to the same period last year, reaching PLN 1.75 billion.
- Sierra Gorda's performance was weaker, with a 10% decline in production, impacting overall results.
(Spoken in foreign language)
Good afternoon, ladies and gentlemen, and welcome at the conference, where we are going to discuss our results for Q1 2024. The presentation will be delivered by the members of the Board.
President of the Board, Andrzej Szydlo; the Vice President, Zbigniew Bryja, who's responsible for Development; Piotr Krzyzewski, VP responsible for Finance; and Piotr Stryczek, Vice President responsible for Corporate Affairs. We have Janusz Krystosiak, he is in charge of the Investors Relations.
After the conference, after the interventions from our Management Board, we will have Q&A session, where analysts and journalists will be welcome to ask questions. And let me remind you that we have the streaming of the conference on our website, and this is also the place where you may ask your questions.
We have a special tab for results where we are going to have all the answers delivered and there is an e-mail address where you can also send your questions.
And now over to our President of the Board,
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