Metals X Limited (ASX:MLX) Reports Record Profit for 2024
Financial Performance
Metals X Limited reported a 42% increase in revenue to $218.82 million for the year ended 31 December 2024, alongside a 602% rise in profit after tax attributable to members, reaching $102.35 million. Net tangible assets per share also increased from $0.37 to $0.48.
Operational Highlights
The company achieved record annual tin production of 11,006 tonnes, driven by higher production and recoveries. Safety performance improved, with two lost time injuries reported and a lower LTIFR of 1.8. The company also reports that it has benefited from a higher than budgeted tin price and a lower than budgeted Australian Dollar.
Corporate Actions
Metals X implemented an on-market share buy-back, repurchasing and cancelling 20,874,529 shares, about 2.3% of issued capital. Additionally, the company acquired a 29.91% stake in London-listed First Tin Plc and is considering acquiring Greentech Technology International to increase its BMTJV interest to 91%.
Executive Comments
Non-Executive Chairman Peter Gunzburg stated, “I think it is fair to say that the stars aligned for Metals X during the year, and whilst it is not in management’s power to align stars, I am confident they will continue their best efforts to manage those things within their control.”
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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