CNMC Goldmine's H1 net profit hits eight-year high with US$4.4m

The increase was due to a rise in gold output in its flagship mine in Malaysia.

CNMC Goldmine reported an eight-year peak net profit of $5.8m (US$4.4m) in H1 2024, due to increased output from its flagship Sokor mine in Kelantan, Malaysia.

Gold output in the Kelantan mine grew 27.7% year-on-year (YoY) to 9,357 ounces, with an average selling price of $2,999 (US$2,266) per ounce, the highest in the company’s history.

The increased output caused all-in costs for every ounce of gold sold to fall $1,753 (US$1,325) in H1 2024 from $1,872 (US$1,415) in H1 2023.

Revenue for the period rose 13.1% to $39.3m (US$29.7m), driven primarily by strong domestic gold sales, which contributed $28m (US$21.2m). The remaining revenue came from exports of lead and zinc concentrates.

The company declared an interim cash dividend of $0.40 per share, twice the $0.20 per share paid last year.