Jupiter Mines (JMS) H2 2024 earnings summary

Executive summary

• Net profit after tax for FY2024 was $38.9 million, up from $21.1 million in the prior 4-month period.

• Revenue for FY2024 reached $8.1 million, compared to $2.8 million in the prior period.

• Share of profit from the Tshipi joint venture was $40.0 million, up from $22.7 million.

• Final dividend of $0.0025 per share declared for the six months to 30 June 2024.

Financial highlights

• EBITDA for FY2024 was $41.2 million, compared to $22.6 million in the prior period.

• Earnings per share for FY2024 was $0.0198, up from $0.0108.

• Total dividends paid in FY2024 were $19.6 million, with a payout ratio of 171%.

• Net assets increased to $543.3 million from $523.7 million.

• Cash and cash equivalents at year-end were $19.1 million.

Outlook and guidance

• Manganese market has turned bearish since July 2024, with prices dropping about 40% from early June highs.

• Tshipi Board withheld a final dividend due to market uncertainty and price volatility.

• Export market for Chinese steel, a key manganese consumer, is weakening, potentially impacting demand further.