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Polymetal hikes dividend 57% as profit more than doubles
StockMarketWire.com
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Precious metals miner Polymetal International said its annual profit more than doubled to a record after it cashed in on a surge in gold prices.
The company hiked its annual dividend 57% as its net earnings for the year through December jumped to $1.09 billion, up from $483 million year-on-year.
Gold rallied during the pandemic because it is widely considered to be a safe-haven investment.
Polymetal's revenue jumped 28% to $2.87 billion after average realised gold and silver prices tracked market dynamics and increased by 27% for both metals.
The company's gold sales volumes rose 2% to 1.39 million ounces, while silver sales were fell 13% to 19.3 million ounces.
Polymetal declared a full-year dividend of $1.29c per share, up 57% year-on-year.
'We are pleased to report record net earnings for the year amidst a challenging global backdrop,' chief executive Vitaly Nesis said.
'A strong operating performance, a favourable commodity price environment and stable cost performance underpinned a significant increase in the group's cash flow and dividends whilst achieving a material reduction in leverage.'
Story provided by StockMarketWire.com
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