Antofagasta PLC (LON:ANTO) has announced its full year results for the year ended 31 Decmeber 2024.
Antofagasta plc CEO Iván Arriagada said: “We have delivered another year of strong revenue growth and cash flow generation, and our EBITDA margin widened to 52%, maintaining our position at the top-end of our peer group of pure-play copper producers.
“Copper’s unique role in energy security and electrification means that the world needs more of it, and our projects are on track to deliver industry-leading levels of responsible copper supply growth. Our strong balance sheet enables us to invest in profitable growth for the medium and long term.
“Our disciplined approach to capital allocation allows us to balance investments and shareholder returns, with the final dividend that we have proposed today taking total distributions in respect of 2024 to 50% of underlying earnings, reflecting our confidence in the future of our business.
“We are encouraged by the outlook for copper as demand remains strong and global constraints, such as grade decline, ore hardness and capex inflation, are steadily limiting existing supply expansions.”
| YEAR ENDING 31 DECEMBER | 2024 | 2023 | % | |
| Revenue | $m | 6,613.4 | 6,324.5 | +5% |
| EBITDA[1] | $m | 3,426.8 | 3,087.2 | +11% |
| EBITDA margin2 | % | 51.8% | 48.8% | +3.0pp |
| Profit before tax (including exceptional items) | $m | 2,071.1 | 1,965.5 | +5% |
| Cash flow from operations | $m | 3,276.2 | 3,027.1 | +8% |
| Net debt / EBITDA1 | X | 0.48 | 0.38 | +26% |
| Earnings per share (including exceptional items) | cents | 84.1 | 84.7 | (1%) |
| Underlying earnings per share (excluding exceptional items)1 | cents | 62.8 | 72.0 | (13%) |
| Dividend per share | cents | 31.4 | 36.0 | (13%) |
2024 HIGHLIGHTS
| ● | Continued strong safety performance, with no fatalities and the lost time injury frequency rate continuing at a level below 1.0. |
| ● | Revenue increased by 5% to $6.6 billion, reflecting the higher copper price, partly offset by lower sales volumes due to the rescheduling of vessels between periods following adverse weather conditions (sea swells) during December 2024 in the north of Chile. |
| ● | EBITDA1 was $3.4 billion, 11% higher on stronger revenues and robust cost control, which helped to increase the Group’s EBITDA margin[2] to 52%. |
| ● | Cash flow from operations increased by 8% to $3.3 billion, with the same drivers as described above. |
| ● | Full year capital expenditure was $2.4 billion in 2024, with major capital projects in line with plan and reflecting the impact from the depreciation of the Chilean peso during the year. |
| ● | The Competitiveness Programme generated savings and productivity improvements of $248 million in 2024 (2023: $135 million), exceeding the Group’s original target of $200 million for the year. |
| ● | The balance sheet remains strong, with a cash, cash equivalents and liquid investment balance of $4.3bn, and the net debt to EBITDA ratio continues to be robust at 0.48x (31 December 2023: 0.38x). |
| ● | Recommended final dividend of 23.5 cents per share, which if approved, would take full year distributions to the equivalent of a pay-out ratio of 50% of underlying net earnings per share, in line with the Company’s dividend policy. |
| ● | Addition of the Encuentro sulphides pit to Centinela’s Ore Reserve estimate as at 31 December 2024, adding 738 million tonnes grading 0.45% copper, which is higher in grade than Centinela’s existing average Ore Reserves copper grade. Following this inclusion, the Ore Reserve estimate for the Centinela District has increased by 35% to 2.6 billion tonnes. |
| ● | The Group’s guidance for 2025 remains unchanged, with production expected to be between 660,000 and 700,000 tonnes. Cash costs before by-product credits and net cash costs are expected to be between $2.25/lb and $2.45/lb and between $1.45/lb and $1.65/lb, respectively. |
| ● | The Group’s capital expenditure for 2025[3] is expected to be $3.9 billion, in line with prior directional guidance given in the Group’s Full Year 2023 Announcement, as development expenditure peaks on the Centinela Second Concentrator and as we advance other growth projects at Los Pelambres and Centinela during the year. |
There will be a presentation and Q&A at 9:00am (UK) today, which will be hosted by Iván Arriagada – Chief Executive Officer, Mauricio Ortiz – Chief Financial Officer and Alejandra Vial – Vice President Sustainability. Attendance can be in-person or virtual. Further details can be found here.
[1] Non-IFRS measures. Refer to the alternative performance measures section on page 63 in the full year financial report below.
[2] Calculated as EBITDA/Revenue. Excluding Associates and JVs’ EBITDA, EBITDA Margin was 48.6% in 2024 and 47.3% in 2023.
[3] Excluding Zaldívar
