Genesis Minerals Limited (ASX:GMD) Reports 57% Revenue Growth and 161% Profit Increase
Financial Performance
Genesis Minerals Limited (ASX:GMD) reported a 57% increase in revenue for the half-year ended 31 December 2024, reaching $338.7 million compared to $215.9 million in the previous year. The company achieved a net profit after tax of $59.8 million, up by 161% from $22.9 million last year. Basic earnings per share rose by 141% to 5.49 cents per share.
Operational Achievements
During the period, Genesis advanced its “ASPIRE” 400 5-Year Plan by updating its FY25 production guidance to 190,000 – 210,000 ounces. Key operational milestones included the early restart of the Laverton Mill in October 2024, commencement of mining at the new high-grade Hub open pit, and the firing of the first stope at the Ulysses underground mine.
Divestments
Genesis sold its non-core interests, including Metallo Resources Ltd to Ordell Minerals Limited on 12 July 2024 and Admiral Gold Pty Ltd to Labyrinth Resources Limited on 29 November 2024. The group did not gain or lose control of any other entities during the period.
Safety and Sustainability
The company continued to prioritise safety with the rollout of its Fatal Risk Management Program and reported one lost time injury in the half-year. Genesis also focused on sustainability initiatives, including climate scenario risk assessments and community engagement events.
Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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