CMOC Group (3993) Q3 2024 earnings summary

Executive summary

• Operating revenue for Q3 2024 reached RMB 51.94 billion, up 15.53% year-over-year; YTD revenue was RMB 154.75 billion, up 17.52% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 2.86 billion, up 64.12% year-over-year; YTD net profit was RMB 8.27 billion, up 238.62% year-over-year.

• Significant profit growth driven by increased production and sales of copper and cobalt, improved management, and lower costs.

Financial highlights

• Basic and diluted EPS for Q3 were RMB 0.14, up 75% year-over-year; YTD EPS was RMB 0.39, up 254.55%.

• Weighted average return on net assets for Q3 was 4.66%, up 1.40 percentage points; YTD was 13.48%, up 8.90 points.

• Net cash flow from operating activities YTD was RMB 17.28 billion, up 71.10% year-over-year.

• Total assets at quarter-end were RMB 181.73 billion, up 5.06% from year-end 2023; net assets attributable to shareholders were RMB 64.12 billion, up 7.70%.

Outlook and guidance

• New projects TFM western area and KFM Phase II showed promising mineralization in early exploration.

• Nzilo II hydropower station agreement in DRC signed, securing 200 MW for future capacity expansion.