Griffin Mining Reports Substantial Increase in Revenue in Final 2023 Results
In a recent report released by Griffin Mining, the company announced a significant increase in revenue for the year 2023. The final results for the year showed a revenue of $146.02 million, a considerable jump from $94.4 million in 2022. The AIM-listed firm also reported a gross profit of $51.84 million, up from $38.25 million the previous year.
Earnings before depreciation, interest, and tax reached $51.86 million, an increase from $35.22 million in 2022. Operating profit saw a jump to $23.84 million from $15.63 million, while profit before tax rose to $24.49 million from $15.27 million. Profit after tax also soared to $15.24 million, a substantial improvement from $7.7 million in 2022.
On the operational front, the company achieved record levels of ore mined, hauled, and processed in 2023, hitting the mill’s nameplate capacity of 1.5 million tonnes per annum. This led to record production of zinc metal in concentrate. Despite a decline in zinc market prices, the company saw improved margins due to decreased smelter treatment charges and transport costs.
Production costs increased due to higher ore mining, hauling, and processing activities, but production costs per tonne of ore processed decreased. Operating expenses, excluding certain charges, rose slightly from the previous year.
Overall, Griffin Mining had a successful year in 2023, with increased production and revenue contributing to positive financial results. Investors will be keeping a close eye on the company as it continues to push forward in the mining industry.
