NMMC reports $3.34 billion revenue in first half of 2024, driven by increased gold production and prices

According to the company's interim report, NMMC's revenue reached $3.34 billion, reflecting a 21% increase compared to the same period last year. This growth was primarily fueled by a 7% increase in gold production, with the company extracting 1.51 million troy ounces of the precious metal during this period.

The average price of gold sold by NMMC during the first half of the year was $2,206 per troy ounce, marking a 14% rise from the previous year's price. Despite higher gold prices, the company managed to limit the increase in production costs to just 7%, bringing total costs to $907 per ounce.

NMMC's earnings before interest, taxes, depreciation, and amortization (EBITDA) surged by 24% to $1.98 billion, while operating profit rose by 20%, reaching $1.75 billion. The company’s net profit for the period stood at $882 million, a 14% increase compared to last year.

Capital expenditures fell by 12%, totaling $325 million, while taxes paid by the company surged by 31% to $716 million in the first half of the year.

The company's total assets increased by 4%, reaching $8.9 billion, with cash reserves growing fivefold to $522 million. Liabilities also rose by 8.9%, amounting to $4.2 billion by mid-2024.