(Alliance News) - Atalaya Mining PLC announced on Tuesday an increase in pretax profit despite a fall in revenue, on the back of a reduction in costs.
The Cyprus-based copper producer said in 2023 its pretax profit increased by 12% to EUR36.1 million from EUR32.3 million a year earlier.
Meanwhile, revenue fell 6.0% to EUR340.3 million from EUR362.0 million.
Cost of sales however decreased 15% to EUR247.3 million from EUR289.6 million.
Atalaya said that over the year, it successfully reduced costs, despite inflationary pressure, as energy markets normalised. And a new 50 megawatt solar plant is expected to provide additional stability into the future.
The company announced a final dividend of 4 US cents per share, 3.9% higher than a year ago and bringing the full year dividend to USD0.09 per share, 21% higher than 7.45c a year prior.
Chief Executive Officer Alberto Lavandeira said: "The energy transition is accelerating the demand for copper, however, uncertainty around supply is growing as production falls from mature mines and new projects become increasingly complex. With our strong balance sheet and experienced team of mine builders and operators, Atalaya is well positioned to benefit from improving copper market dynamics."
In 2024 the company will begin the exploration of multiple sites across Spain at an expected cost of EUR5 million to EUR7 million.
Shares in Atalaya Mining were up 0.6% to 355.07p each in London on Tuesday afternoon.
By Elijah Dale, Alliance News reporter
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Atalaya Mining (ATYM)