The Antofagasta Board has declared an interim ordinary dividend of 9.2 cents per share, equal to a 35% pay-out ratio in both periods and in line with their dividend policy.
Other financial highlights include:
Revenue for the first half of 2022 was $2,528 million, 29.6% lower than the same period in 2021 mainly because of lower copper and by-product sales volumes and lower realised copper prices
EBITDA was $1,238 million, 47.5% lower than in the same period last year on lower revenue and operating costs that increased by 6.9% mainly due to higher input prices
EBITDA margin was 49.0%, compared with 65.6% in H1 2021 and 64.7% for the full year 2021
The Cost and Competitiveness Programme generated savings and productivity improvements of $35 million in the first half of 2022, equivalent to 6c/lb of unit cash costs
Profit before tax was $680 million, a $1,104 million decrease on the same period in 2021
Continuing strong balance sheet with a net debt to EBITDA ratio at the end of the period of 0.13 times. The cash, cash equivalents and liquid investments balance at 30 June 2022 was $2,878 million, a decrease from $3,713 million at the end of 2021, largely reflecting the $1,172 million payment of the 2021 final dividend
Cash flow from operations reduced to $1,683 million compared with $2,461 million in the first half of 2021
Capital expenditure of $831 million was 44% of full year guidance
Earnings per share of 26.4 cents, 41.1 cents lower than the same period in 2021
