By Rhiannon Hoyle
Australian gold producer Evolution Mining on Wednesday said its first-half profit more than tripled because of higher production and metal prices.
The mining company also announced its founder, Jake Klein, will become nonexecutive chair midyear, after serving as executive chair for nearly 14 years.
Evolution said it made a record net profit of 365.1 million Australian dollars (US$229.2 million) in the six months ended Dec. 31, up from A$96.9 million in the same period a year earlier. Market analysts expected a profit around A$315 million, according to data compiled by Visible Alpha.
Directors declared a final dividend of 7 Australian cents a share, up from 2 Australian cents a year ago. It also reinstated a dividend reinvestment plan, citing shareholder feedback.
Evolution is Australia's second-biggest gold miner, with a market value of roughly A$12 billion. The company was formed by Klein in 2011.
Evolution said that Klein will become nonexecutive chair on July 1. He will continue to lead a project that aims to turn the Mt Rawdon gold mine in Australia's Queensland state into a pumped hydro power operation.
Klein said Evolution's record first-half financial results are "a testament" to Chief Executive Lawrie Conway and his leadership team.
Evolution produced 22% more gold and 36% more copper during the half versus 12 months earlier. It was paid 29% more for its gold year over year, and 9% more for its copper.
Underlying earnings before interest, taxes, depreciation and amortization rose by 77% to A$1.01 billion.
The company said it is on track to meet annual production and cost guidance.
"With spot prices well above the achieved prices in the first half and the business well placed to deliver on FY25 guidance, we are on track to generate over A$2 billion of operating cash flow for the year, which will continue to see improved returns to our shareholders," Conway said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
February 11, 2025 17:23 ET (22:23 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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