Polymetal delivers strong financial results, pays $419M in final dividend
(Kitco News) - Polymetal, one of the top producers of gold and silver worldwide, reported today that the company’s revenue increased by 28% in 2020, totalling US$ 2,865 million (2019: US$ 2,241 million). Adjusted EBITDA was US$ 1,686 million, a 57% increase over 2019, driven by higher production volumes, higher commodity prices, and lower cash costs.
Polymetal’s net earnings were a record US$ 1,086 million, a 125% increase over 2019 (US$ 483 million), with a basic EPS of US$ 2.30 per share (2019: US$ 1.02 per share), reflecting the increase in operating profit. Underlying net earnings increased by 82% to US$ 1,072 million (2019: US$ 586 million).
The company’s Board has proposed a final dividend of US$ 0.89 per share (approx. US$ 419 million). This will bring the total dividend declared for FY 2020 to US$ 608 million (2019: US$ 385 million), which represents US$ 1.29 per share, up 57% compared to US$ 0.82 per share in 2019.
Polymetal is a top-10 global gold producer and top-5 global silver producer with assets in Russia and Kazakhstan.