Profit jumps over 160pc at Kenmare Resources
IRISH-owned titanium miner Kenmare Resources reported a 162pc increase in profit after tax to $50.9m (€45m) in 2018.
The Dublin-listed company, whose main operations are at the Moma mine in Mozambique, reported a 54pc increase in earnings before interest, taxation, depreciation, and amortisation last year to $93.3m (€83m).
Revenue at the group jumped 26pc to $262.2m (€232m), primarily due to increased volumes shipped and higher average received prices, according to annual results from the group.
At the end of 2018 Kenmare had a net cash position of $13.5m, up from US$34.1m net debt at the end of 2017.
The group reported a 4pc increase in Heavy Mineral Concentrate ("HMC") production to 1,370,800 tonnes (2017: 1,323,000 tonnes), while there was a 3pc increase in total shipments of finished products to 1,074,400 tonnes, a new annual record.
Michael Carvill, managing director at Kenmare, said: “2018 was Kenmare’s third consecutive year of achieving our production guidance and delivering record shipment volumes.”
“Average received prices for our products were higher in 2018 compared to 2017 and we see a positive outlook due to continued demand growth, depletion of existing mines and limited supply from new mines in the coming years.”