Kenmare Resources PLC on Wednesday reported a higher profit in 2022 as revenue grew amid ‘steady production’, while costs decreased.
The Mozambique-focused titanium minerals and zircon producer said pretax profit in 2022 climbed 62% to $222.1 million from $137.3 million in 2021. Revenue grew 15% to $526.0 million from $455.9 million, with the company citing ‘steady production volumes and record product prices’.
Meanwhile, cost of sales decreased 4.2% to $282.7 million from $295.0 million, while finance costs were 11% lower at $12.5 million compared to $14.1 million.
The company declared a final dividend of 43.33 US cents per share, up 70% from 25.42 cents a year ago. This brings the total dividend to 54.31 cents, up 66% from 32.71 cents.
Looking ahead, Managing Director Michael Carvill said: ‘We are tracking within guidance for 2023, despite suffering an extremely severe lightning strike which halted production for an extended period in February, albeit towards the bottom end of our range for ilmenite and rutile.
‘In 2023, the market for our products remains buoyant, although at marginally lower levels than the highs of Q3 2022, with strong customer demand for volume.’
Kenmare Resources shares rose 3.4% to 446.17 pence each on Wednesday morning in London.
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