AMMN — A 90% yoy increase in concrete production with USD479mn net profit in 1H24

AMMN — A 90% yoy increase in concrete production with USD479mn net profit in 1H24 Amman Mineral Internasional (AMMN) experienced its strongest first half in 7 years, with metal production reaching unprecedented levels due to high-grade ore extraction from Phase 7. Concentrate production rose 90% yoy, with copper and gold output increasing by 76% yoy and 189% yoy, respectively. Furthermore, net sales grew to USD1.55 bn (+167% yoy) and net income also rose to USD479 mn (+291% yoy). This performance is attributed to significant increases in copper and gold sales volumes, operational efficiencies, and a 13% yoy rise in gold prices. Despite an export ban, AMMN remains confident in maintaining momentum with ongoing expansion projects and a robust capex plan. (Source : IDX)