Jiangxi Copper Company (358) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was RMB520.93 billion, down 0.18% year-over-year; net profit attributable to shareholders rose 7.03% to RMB6.96 billion.

• Net assets attributable to shareholders increased 15.61% to RMB77.95 billion; total assets grew 14.85% to RMB193.13 billion.

• Final dividend of RMB0.70 per share (tax inclusive) proposed, up from RMB0.60 last year.

• Major production growth in copper cathode (+9.28%) and gold (+4.99%), with silver output down 10.16%.

• Key projects completed in copper processing, smelting, and mining, including overseas expansion in Kazakhstan and Mexico.

Financial highlights

• Net profit after non-recurring items surged 54.22% to RMB8.29 billion.

• Basic EPS rose 6.91% to RMB2.01; EPS after non-recurring items up 54.84% to RMB2.40.

• Gross profit margin increased by 0.86 percentage points to 3.54%.

• Net cash flow from operating activities dropped 77.06% to RMB2.51 billion, mainly due to higher inventories and receivables.

• Financial expenses more than doubled (+105.95%) due to higher interest on borrowings and gold leases.

Outlook and guidance

• 2025 production targets: 2.37 million tonnes copper cathode, 200,000 tonnes copper concentrate, 139 tonnes gold, 1,243 tonnes silver, 6.53 million tonnes sulphuric acid, 2.01 million tonnes copper processing materials.

• Annual investment plan set at RMB12.81 billion for fixed assets and equity investments.

• Copper prices expected to remain strong and volatile in 2025, with Shanghai copper forecasted at RMB73,000–83,000/tonne.

• Focus on digital transformation, green development, and overseas resource acquisition.