Tashkent, Uzbekistan (UzDaily.com) — NGMK, the fourth-largest gold producer in the world and the largest gold mining company in Central Asia, today reports its audited financial results under IFRS for the year ending on 31 December 2024 ("2024 financial year" or "Period").

Kuvandik Sanakulov, Chairman of the Board and CEO, noted: "NGMK achieved record revenue in 2024, increasing gold production by 5.4%.

Thanks to the acceleration of investment projects, the company has implemented 24 large-scale investment projects over the past eight years, totaling US$3 billion. This enabled the company to meet its production targets planned until 2026 two years ahead of schedule, in 2024. Meanwhile, NGMK continues to maintain its position as one of the lowest-cost producers in the industry by investing in the future sustainable growth of the company."

The total gold production reached 3.10 million ounces, a 5.4% increase compared to 2023, when the production volume was 2.94 million ounces. This growth was facilitated by the launch of new mining and processing capacities during the period.

Revenue for the 2024 financial year amounted to US$7.4 billion, up 29.8% compared to US$5.7 billion in 2023, marking a record figure for the company.

The total all-in sustaining cost (AISC) for production and maintenance during the period was US$979 per ounce, compared to US$866 per ounce in 2023. The increase in this metric is in line with expectations and primarily due to higher royalty payments in line with increased gold sales revenue, higher fuel costs due to the increased volume of mining, and increased labor costs.

Adjusted EBITDA for the 2024 financial year amounted to US$4.6 billion, a 39.4% increase from US$3.3 billion in 2023. The rise in gold prices outpaced the increase in costs, while the adjusted EBITDA margin grew to 62% in 2024 from 58% in 2023.

Profit for the year amounted to US$2.1 billion compared to US$1.5 billion in 2023.

Net cash used in investment activities (capital expenditures) for the 2024 financial year totaled US$914 million, up 34.6% compared to US$679 million in 2023. The company continued to implement its investment program aimed at increasing production at existing mines and exploring new exploration projects near the mines.

The company’s leverage ratio (net debt to adjusted EBITDA) improved from 0.7x at the end of 2023 to 0.5x at the end of 2024, confirming the company’s strong financial stability in servicing external debt. As of December 31, 2024, NGMK’s debt portfolio included the successful debut issuance of the company’s Eurobonds worth US$1 billion in October 2024, consisting of two tranches of US$500 million each, with maturities of four and seven years, respectively.