CMOC Group Full Year 2023 Earnings: EPS Beats Expectations

CMOC Group (HKG:3993) Full Year 2023 Results

Key Financial Results

• Revenue: CN¥186.3b (up 7.7% from FY 2022).
• Net income: CN¥8.25b (up 36% from FY 2022).
• Profit margin: 4.4% (up from 3.5% in FY 2022). The increase in margin was driven by higher revenue.
• EPS: CN¥0.38 (up from CN¥0.28 in FY 2022).

3993 Production and Reserves

Copper

• Production: 0.42 Mt (0.277 Mt in FY 2022)
• Proved and probable reserves (ore): 325.4 Mt (445.4 Mt in FY 2022)
• Number of mines: 2 (3 in FY 2022)

Molybdenum

• Production: 15,635 t (15,114 t in FY 2022)
• Proved and probable reserves (ore): 122.1 Mt
• Number of mines: 2

Gold

• Production: 18.772 troy koz (16.221 troy koz in FY 2022)

All figures shown in the chart above are for the trailing 12 month (TTM) period

CMOC Group EPS Beats Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 20%.

The primary driver behind last 12 months revenue was the Metals Trading segment contributing a total revenue of CN¥168.1b (90% of total revenue). Notably, cost of sales worth CN¥168.3b amounted to 90% of total revenue thereby underscoring the impact on earnings. The most substantial expense, totaling CN¥3.76b were related to Non-Operating costs. This indicates that a significant portion of the company's costs is related to non-core activities. Explore how 3993's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Metals and Mining industry in Hong Kong.

Performance of the Hong Kong Metals and Mining industry.

The company's shares are up 4.1% from a week ago.

Risk Analysis

We should say that we've discovered 1 warning sign for CMOC Group that you should be aware of before investing here.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.