Western Mining ( 601168) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 11.75 billion, up 23.02% year-over-year; net profit attributable to shareholders was RMB 1.11 billion, up 60.91% year-over-year.

• Nine-month revenue totaled RMB 36.73 billion, up 13.93% year-over-year; net profit attributable to shareholders was RMB 2.73 billion, up 24.33% year-over-year.

• Strong performance driven by higher volume and prices in copper products, with reduced asset scrapping losses.

Financial highlights

• Basic and diluted EPS for Q3 2024 were RMB 0.47, up 62.07% year-over-year; nine-month EPS was RMB 1.15, up 25%.

• Operating cash flow for the first nine months was RMB 8.11 billion, up 50.86% year-over-year.

• Gross margin improved as copper product sales volume and prices increased.

• Total assets at September 30, 2024 were RMB 54.64 billion, up 4.95% from year-end 2023.

• Net assets attributable to shareholders rose to RMB 16.85 billion, up 10.39% from year-end 2023.

Outlook and guidance

• Management highlights continued focus on copper product expansion and operational efficiency.

• Ongoing investments in technology and subsidiary development to support future growth.