Polymetal's revenue for the first quarter of 2024 increased by 26% year-on-year and amounted to $294 million due to higher gold prices and a shorter revenue receipt period. This is stated in the company's message.
Production amounted to 117 thousand ounces of gold equivalent, an increase of 2% on the background of an increase in the volume of concentrate shipments at Kyzyl. The sales volume amounted to 116 thousand ounces of gold equivalent. The increase in the supply of Kyzyl concentrate remains limited. It is expected that the reserves previously accumulated in Russian ports in the Far East will be realized by the end of the year.
Taking into account the cash proceeds from the sale of the Russian business and significant free cash flow in the first quarter, the company's net cash amounted to $155 million compared with net debt of $174 million at the end of 2023.
Polymetal International plc is a gold producer in Kazakhstan and combines two production assets in the country. The largest shareholder of the company is Maaden International Investment from Oman, which owns 23.9% of the shares.
Polymetal closed the sale of the Russian business on March 7, 2024.
Polymetal International plc's net profit for 2023 was $528 million compared to a loss of $288 million a year earlier. Adjusted net income increased by 40% to $615 million from $440 million. Revenue increased by 8% to $3.025 billion from $2.8 billion. Of these, $893 million (30%) is accounted for by enterprises in Kazakhstan and $2.13 billion (70%) by enterprises in Russia.
