Based on the Group's 2022 performance, the Directors have recommended a final dividend of 13.3 US cents per Ordinary Share, which will be paid on 26 May 2023 to shareholders on the register on 28 April 2023. The dividend will be paid in UK pounds sterling unless shareholders elect to be paid in US dollars. This is in addition to the interim dividend of 3.4 US cents per share amounting to US$25.1 million. This final dividend is lower than the previous year due to the decrease in profits in 2022, and remains in line with the Group's dividend policy.
Other Financial Highlights:
- Adjusted revenue decreased 8.8% over 2021 primarily due to the lower volumes of gold sold and the decrease in silver price, mitigated by the increase in silver production and higher zinc price.
- Revenue decreased 10.0% year-on-year to US$2,433.0 million due to the lower adjusted revenue combined with higher treatment and refining charges.
- Adjusted production costs to US$1,445.8 million, up 15.2% over 2021 mainly due to cost inflation in US dollar, costs from the start-up of operations at Juanicipio and increase in the use of infrastructure contractors, maintenance, operating materials and diesel; mitigated by lower stripping to cost at Herradura and a decrease in volume of ore processed at Saucito, Ciénega, San Julián (Veins).
- Gross profit and EBITDA decreased to US$536.0 million and US$751.1 million, a 42.8% and 37.7% decrease over 2021.
- Exploration spend of US$165.8 million, up 27.2% in line with their strategy to intensify exploration activities in specific targets.
- Profit from continuing operations of US$283.6 million, down 57.5% as a result of lower gross profit and higher exploration expenses.
- Profit for the year attributable to equity shareholders of the Group of US$271.9 million, down 35.4% on 2021 mainly due to the lower profit from continuing operations, mitigated by the US$18.8 million Silverstream revaluation gain compared to US$0.4 million loss registered in 2021 and tax income for the period of US$67.4 million, which compared favourably to the US$156.5 million tax expense in 2021
- US$969.1 million in cash and other liquid funds as of 31 December 2022 notwithstanding paying dividends of US$202.0 million and investing US$592.1 million in capex.
- Net debt was US$198.7 million as at 31 December 2022. This compares to the net cash position of US$67.5 million as at 31 December 2021.
