Business
2022 Preliminary Results
2022 Preliminary Results.
About this update from Kenmare Resources Plc
[{"type":"text","content":"\n \n \n 2022 Preliminary Results\n \n \n \n \n Kenmare Resources plc \n (“Kenmare” or “the Company” or “the Group”)\n 22 March 2023\n \n \n 202\n \n \n 2\n \n \n PRELIMINARY RESULTS\n \n \n Kenmare Resources plc (LSE:KMR, ISE:KMR), one of the leading global producers of titanium minerals and zircon, which operates the Moma Titanium Minerals Mine (the \"Mine\" or \"Moma\") in northern Mozambique, today announces its preliminary results for the twelve months to 31 December 2022.\n \n Statement from Michael Carvill, Managing Director: \n \n \n “202\n 2 was \n a record year of financial performance for\n Kenmare. Our financial results were driven by \n steady\n production volumes and \n record\n product \n prices\n . \n Mineral product r\n evenues \n increased \n 1\n 8\n % and EBITDA \n rose by\n 39\n %\n to $\n 298\n million.\n \n \n W\n e are tracking within guidance for 2023\n , d\n espite suffering an extremely severe lightning strike which halted production for an extended period in February\n ,\n albeit towards the bottom end of our range\n for ilmenite and rutile\n . In 2023\n ,\n the \n market for our products remains buoyant, \n although\n at marginally lower\n levels\n than \n the highs of \n Q3 \n 2022\n , with strong customer demand for volume\n .\n \n \n Kenmare moved to a net cash position of $27.5 million at the end of 2022, which represents a $110.3 million improvement \n over the 12 months\n .\n T\n he Board is recommending a 2022 dividend of USc54.31 per share, up \n 66% \n from USc32.71 per share \n for\n 2021.”\n \n \n 202\n 2\n o\n verview\n \n \n Financial\n \n \n Recommended 2022 dividend of $51.5 million or USc54.31 per share (2021: USc32.71), up 66% on 2021, comprising an interim dividend of USc10.98 per share (paid in October 2022) and a final dividend of USc43.33 per share (payable May 2023)\n 18% increase in mineral product revenue to $498.4 million in 2022 (2021: $420.5 million), benefitting from a 42% increase in the average price received for Kenmare’s products\n 13% increase in total cash operating costs to $216.7 million (2021: $191.8 million) as a result of higher prices for fuel and labour costs as well as increased electricity consumption\n 16% increase in cash operating costs per tonne to $180 (2021: $156) as a consequence of higher total cash operating costs and a 2% decrease in finished produc...