Iluka Resources (ASX:ILU) Announces 2024 Full Year Results
Financial Performance
Iluka Resources reported a net profit after tax (NPAT) of $231 million for the full year 2024. Mineral sands revenue reached $1,129 million, with a mineral sands EBITDA margin of 42%. The company maintained sound margins despite a challenging cost environment and reported a net cash position of $90 million, excluding non-recourse debt.
Dividend Declaration
Iluka declared a final dividend of 4 cents per share, fully franked, aligning with its dividend framework. This brings the full year total dividend to 8.7 cents per share.
Funding and Cash Position
Iluka secured a total facility of $1.65 billion in non-recourse loans from the Australian Government and a $414 million contribution from the company. This positive outcome follows funding discussions announced in December 2024. The net cash position stands at $90 million, excluding non-recourse net debt.
Operational Update
The Balranald project is on track for commissioning in the second half of 2025, with capital expenditure of $190 million in 2024. Iluka also fully funded the Eneabba rare earths refinery, set to commission in 2027. Production at key sites continued, with SR2 production effectively contracted via take-or-pay arrangements.
Sustainability and Community Engagement
Iluka rehabilitated 403 hectares of land and commissioned a 9MW solar farm at Cataby. The company introduced the Iluka Lends a Hand community grants programme, supporting 64 community organisations with over $1.2 million in donations.
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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