{"id":98083,"date":"2024-08-26T12:24:57","date_gmt":"2024-08-26T10:24:57","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplats-takes-massive-96-hit-to-profit-after-tax-in-fy24"},"modified":"2024-08-26T14:27:03","modified_gmt":"2024-08-26T12:27:03","slug":"zimplats-takes-massive-96-hit-to-profit-after-tax-in-fy24","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/zimplats-takes-massive-96-hit-to-profit-after-tax-in-fy24","title":{"rendered":"Zimplats takes massive 96% hit to profit after tax in FY24"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>PLATINUM group metals miner (PGMs), Zimplats Holdings Limited, has recorded a 96% drop in profit after tax to US$8,22 million for the year ended June 30, 2024, owing to lower revenues during the period.<\/p>\n

The drop is from a comparative of US$205,46 million earned last year.<\/p>\n

During the period under review, global commodity prices declined owing to geopolitics and a slowdown in China\u2019s economy.<\/p>\n

China is the world\u2019s largest consumer of raw materials and is estimated to import up to 40% of the world\u2019s industrial metals annually.<\/p>\n

Any economic slowdown by the world\u2019s second largest economy affects global demand for precious metals.<\/p>\n

\u201c…profit before tax declined to US$37,6 million (FY2023: US$286,8 million). Income tax expense at US$29,4 million was mainly driven by an increase in deferred tax expense of US$17,2 million following the change in corporate income tax rate from 24,72% to 25,75%. Profit after tax fell to US$8,2 million (FY2023: US$205,5 million),\u201d Zimplats said.<\/p>\n

The PGMs miner said revenue decreased by 20% to US$767,1 million during the period under review, down from the US$962,3 million recorded in the comparative 2023 timeframe as average US dollar metal prices softened during the period.<\/p>\n

\u201cGross revenue per 6E ounce sold [including the revaluation of pipeline debtors) declined by 20% to US$1 196 (FY2023: US$1 595]. Sales volumes increased by 6% to 641 000 6E ounces, benefiting from higher production in the period (FY2023: 603 000 6E ounces),\u201d Zimplats said.<\/p>\n

\u201cCost of sales increased by 5% to US$684,7 million [FY2023: US$651,9 million] primarily due to increased production and sales volumes and a higher depreciation charge, moderated by several cost containment initiatives implemented in the period.\u201d<\/p>\n

Zimplats added that operating unit cash costs decreased by 1% to US$829 per 6E ounce during the period compared to last year, benefiting from cost containment initiatives.<\/p>\n

Despite the drop in profits, the miner had US$2,31 to every dollar of short term debt showing the firm ended the period under review being highly liquid.<\/p>\n

The drop in revenue comes despite mined volumes having increased by 5% to 7,9 million tonnes, from the 2023 comparative of 7,6 million tonnes, owing to increased production volumes from the replacement mines.<\/p>\n

However, the mined grade was negatively impacted by an increase in lower-grade development tonnages from Mupani Mine and dilution caused by traversing geological structures at the other mines.<\/p>\n

This resulted in a 1% decline in the achieved 6E head grade to 3,32g\/t (grammes per tonne) compared to the 3,33g\/t recorded last year.<\/p>\n

Zimplats said that ore milled for the year was 7,9 million tonnes, up 6% from the comparative 2023 period owing to additional tonnage from its third concentrator plant which ran for a full year compared to nine months in prior year. This was in addition to higher milling rates.<\/p>\n

Zimplats said 6E production increased by 6% to 646 000 ounces from 611 000 ounces in the prior year.<\/p>\n

For More News And Analysis About Zimbabwe Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. PLATINUM group metals miner (PGMs), Zimplats Holdings Limited, has recorded a 96% drop in profit after tax to US$8,22 million for the year ended June 30, 2024, owing to lower revenues during the period. The drop is from a comparative of US$205,46 million earned last year. During the period under review, global […]<\/p>\n","protected":false},"author":84,"featured_media":98082,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[19],"class_list":{"0":"post-98083","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-zimbabwe"},"yoast_head":"\nZimplats takes massive 96% hit to profit after tax in FY24 - zimbabwe<\/title>\n<meta name=\"description\" content=\"PLATINUM group metals miner (PGMs), Zimplats Holdings Limited, has recorded a 96% drop in profit after tax to US$8,22 mi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplats-takes-massive-96-hit-to-profit-after-tax-in-fy24\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimplats takes massive 96% hit to profit after tax in FY24\" \/>\n<meta property=\"og:description\" content=\"PLATINUM group metals miner (PGMs), Zimplats Holdings Limited, has recorded a 96% drop in profit after tax to US$8,22 mi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplats-takes-massive-96-hit-to-profit-after-tax-in-fy24\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-26T10:24:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-26T12:27:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/08\/sm_1724662600.408304.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplats-takes-massive-96-hit-to-profit-after-tax-in-fy24\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplats-takes-massive-96-hit-to-profit-after-tax-in-fy24\",\"name\":\"Zimplats takes massive 96% hit to profit after tax in FY24 - 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