BRIEF: Shandong Gold posts double-digit profit growth in 2024

Gold producer Shandong Gold Mining Co. Ltd. (1787.HK; 600547.SH) announced on Sunday that it expects to report a net profit of 2.7 billion yuan ($370 million) to 3.2 billion yuan for 2024, up between 15.98% to 37.46%, as gold prices surged to record highs.

The company added it expects its annual net profit for 2024, excluding non-recurring items, to range between 2.73 billion yuan and 3.23 billion yuan, representing growth of 23.14% to 45.73%.

The company attributed its improved performance to enhanced strategic leadership, strengthened production organization, improved operational efficiency, and better resource utilization. Shandong Gold also emphasized its efforts in technological innovation and new procurement strategies, which contributed to its operational efficiency. Meanwhile, the rise in gold prices further supported profit growth.

Shandong Gold’s stock opened down 2.70% at HK$13.70 on Monday in Hong Kong, and closed down 1.70% at HK$13.84 by the midday break.

By Lee Shih Ta

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