- CNMC Goldmine (SGX:5TP)’s FY24 results came within our expectations with revenue and net profit coming in at 104%/98% of our full year forecast.
- Revenue rose 25% y-o-y to US$65.2mln from higher gold prices and increased production from its flagship Sokor mine. Average gold prices have risen from US$1,960/oz in 2023 to US$2,455/oz in 2024, before reaching an all-time-high and breaking the psychological US$3,000/oz milestone in Mar’25.
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- Management has announced 2H24 dividends of 1.0 cents (0.4 cents final dividend and 0.6 cents special dividend), bringing CNMC Goldmine's dividends for FY24 to 1.4 cents (FY23: 0.9 cents), representing a 43% dividend payout ratio and 4.2% yield.
Gold prices remain elevated in 2025.
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- As gold continues its rise and breaking price barriers, the consensus view is that prices could remain elevated for the rest of the year. Goldman Sachs has a gold forecast of US$3,100/oz by the end of 2025 while JP Morgan has a higher gold forecast of US$3,150/ oz. Analysts believe the Trump government’s aggressive and unpredictable trade policies are one of the main drivers for gold in 2025.
- As a gold-mining company selling at the spot rate, CNMC Goldmine is a direct beneficiary of rising prices for the precious metal.
Sokor mine upgrades to increase gold capacity.
- Read more at SGinvestors.io.
