CMOC Group (3993) Q4 2024 earnings summary

Executive summary

• Achieved record highs in revenue (RMB213.03B, up 14.37% YoY) and net profit attributable to shareholders (RMB13.53B, up 64.03% YoY), with strong cash flow and reduced gearing ratio to 49.52% (down 8.88 pts YoY).

• Ranked among the world's top 10 copper producers for the first time, with copper output up 55% YoY to 650.2kt; cobalt output up 106% YoY to 114.2kt.

• Major construction projects reached full capacity, including TFM and KFM in DRC, supporting over 600kt annual copper capacity.

• Maintained AA MSCI ESG rating, joined FTSE Russell's Socially Responsible Indexes, and advanced global ESG practices.

• Board emphasizes ongoing reforms, cost control, digitalization, and organizational upgrades to sustain competitiveness.

Financial highlights

• Operating revenue: RMB213.03B (up 14.37% YoY); net profit attributable to shareholders: RMB13.53B (up 64.03% YoY).

• Net cash flow from operating activities: RMB32.39B (up 108.38% YoY).

• Basic and diluted EPS: RMB0.63 (up 65.79% YoY); weighted average ROE: 20.96% (up 5.96 pts YoY).

• Total assets: RMB170.24B (down 1.58% YoY); equity attributable to shareholders: RMB71.02B (up 19.29% YoY).

• Proposed final dividend: RMB2.55 per 10 shares, ~40.32% payout ratio.

Outlook and guidance

• 2025 production guidance: copper 600-660kt, cobalt 100-120kt, molybdenum 12-15kt, tungsten 6.5-7.5kt, niobium 9.5-10.5kt, phosphate 1.05-1.25Mt.

• Copper market expected to remain tight; robust demand from energy transition sectors and stable supply.

• Cobalt oversupply expected to ease as demand grows; molybdenum, tungsten, niobium, and phosphate markets forecast to remain stable or improve.

• Priorities: organizational upgrades, cost reduction, digitalization, resource deployment, and ESG leadership.