The company HGM engaged in gold mining has reported on an increase in profit in the first half of this year by more than 1.5 times. The indicator has risen to $ 45.7 million. The amount of profit before tax has increased 20% and amounted to 85.5 million US dollars (annual rate).
According to the results of the first half of the year, the company intends to pay about 22 million US dollars in dividends, which is equal to about a third of the entire operating flow. The dividend policy provides for 20% of the payment of the total flow. Last year, the payments amounted to 40% of this indicator.
In addition to increasing financial performance, the company has also reported on its work in the field of refinancing its debt portfolio. Thanks to freshly raised funds, the average rate has decreased from 4.2% to 4.1%. Unfortunately, this has affected the credit terms, which grew an average of 1.5-3 years.
At the end of June, HGM’s debt was valued at $ 221 million. During this year, the indicator has fallen 11%. Net debt has increased 3% to $ 217 million.
Even though HGM has British registration, it mines gold in Russia. Mainly it is about Transbaikalia, Khabarovsk Krai and Chukotka. About half of the company is owned by Roman Abramovich, Evgeny Shvidler and their controlled entities.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group