Navoiy Gornometallurgichesky Kombinat (NGMK) has announced a 40% rise in net profit, reaching $2.1 billion, according to the company’s press service.
Kuvandik Sanakulov, Chairman and CEO, commented: “NMMC achieved record revenue in 2024, increasing gold production by 5.4%. Thanks to the acceleration of investment projects, the company has successfully implemented 24 major investment projects worth $3 billion over the past eight years. This has enabled us to meet the production targets set for 2026 ahead of schedule – two years earlier than planned. At the same time, NGMK continues to maintain its position as one of the most cost-efficient producers in the industry, while investing in the company’s future sustainable growth.”
Key Highlights:
- Gold Production: The total gold production for FY 2024 amounted to 3.10 million ounces, representing a 5.4% increase compared to 2.94 million ounces in FY 2023. This growth was driven by the launch of new mining and processing capacities during the period.
- Revenue: NGMK reported revenue of $7.4 billion for FY 2024, a 29.8% increase from $5.7 billion in FY 2023, marking a record-high for the company.
- All-in Sustaining Costs (AISC): The total AISC for the period was $979 per ounce, up from $866 per ounce in FY 2023. This increase was primarily driven by higher royalty payments following increased gold sales, fuel costs related to the higher volume of material extraction, and rising labour expenses.
- Adjusted EBITDA: Adjusted EBITDA for FY 2024 reached $4.6 billion, a 39.4% increase from $3.3 billion in FY 2023. Gold price growth outpaced cost increases, resulting in a rise in the adjusted EBITDA margin to 62% in 2024, up from 58% in 2023.
- Net Profit: The company posted a net profit of $2.1 billion in FY 2024, compared to $1.5 billion in FY 2023.
- Cash Flow and Investments: Net cash used in investing activities (capital expenditures) totalled $914 million in FY 2024, an increase of 34.6% from $679 million in FY 2023. This reflects the company’s ongoing investment programme aimed at increasing production at existing mines and exploring new deposits near mining operations.
- Debt Position: NGMK’s leverage ratio (net debt to adjusted EBITDA) improved to 0.5x by the end of FY 2024, compared to 0.7x at the end of FY 2023, indicating strong financial stability and the company’s ability to service external debt. As of 31 December 2024, the company successfully completed its debut Eurobond issue, raising $1 billion in October 2024, split into two tranches of $500 million each, with maturities of 4 and 7 years.
Financial Performance Summary:
| Indicator | 2024 | 2023 | ∆ |
|---|---|---|---|
| Gold Production (million ounces) | 3.10 | 2.94 | +5.4% |
| All-in Sustaining Costs (AISC) | $979 | $866 | +13.0% |
| Revenue (billion USD) | $7.4 | $5.7 | +29.8% |
| Operating Profit (billion USD) | $3.9 | $2.9 | +34.5% |
| Adjusted EBITDA (billion USD) | $4.6 | $3.3 | +39.4% |
| Adjusted EBITDA Margin (%) | 62% | 58% | +4 ppts. |
| Net Profit (billion USD) | $2.1 | $1.5 | +40.0% |
| Operating Cash Flow (billion USD) | $2.7 | $2.0 | +35.0% |
| Net Cash Used in Investing (million USD) | $914 | $679 | +34.6% |
| Net Debt (billion USD) | $2.5 | $2.2 | +13.6% |
| Net Debt / Adjusted EBITDA Ratio | 0.5x | 0.7x | -28.6% |
Full IFRS financial results are available online at: NGMK Annual Report 2024
About the Company
NGMK is the world’s fourth-largest gold producer, with an annual output of 3.1 million ounces of gold (2024) and a total mineral resource base of 148 million ounces. The company’s operating mines include the Muruntau-Mutenbay gold deposit, the largest in the world with a resource base of over 100 million ounces. NGMK’s business model encompasses exploration, construction of mining operations, mining, and processing, as well as gold refining and the manufacture and repair of mining equipment. The company employs over 47,000 people across 12 major mining and 9 processing plants.
Further information about NGMK can be found on the company’s website: www.ngmk.uz.
