Russia's Polyus reports record EBITDA on high gold prices
Russia's largest gold producer Polyus on Wednesday reported record production and core earnings for 2024 thanks to high gold prices in spite of Western sanctions on Russia and the company. Gold prices are up more than 11% this year at $2 918.99 an ounce, after rising 27% last year, the precious metal's best performance in over a decade. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 49% to $5.7-billion on revenue of $7.3-billion, Polyus said. Net income rose 86% year on year to $3.2-billion. "(The) main drivers were higher gold sales volumes and higher gold prices during the reporting period," Polyus said.
Russia's largest gold producer Polyus on Wednesday reported record production and core earnings for 2024 thanks to high gold prices in spite of Western sanctions on Russia and the company.
Gold prices are up more than 11% this year at $2 918.99 an ounce, after rising 27% last year, the precious metal's best performance in over a decade.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 49% to $5.7-billion on revenue of $7.3-billion, Polyus said. Net income rose 86% year on year to $3.2-billion.
"(The) main drivers were higher gold sales volumes and higher gold prices during the reporting period," Polyus said.
