Anglo American PLC
said Thursday that net profit for 2022 fell dragged by higher energy costs and lower prices. The multinational mining company made a net profit of $4.51 billion, compared with $8.56 billion in 2021.
Underlying earnings before interest, taxes, depreciation and amortization fell to $14.49 billion from $20.63 billion, when the group achieved a record high. However, the figure was above market consensus of $14.35 billion provided by the company and based on 14 analysts’ estimates. The fall was driven by inflationary headwinds and higher energy prices combined with lower production volumes, which lifted production costs amid dampened prices. Revenue came in at $35.12 billion from $41.55 billion a year ago, below the company-provided consensus forecast of $36.88 billion. Looking ahead, the company backed its 2023 copper production guidance of 840,000 to 930,000 metric tons. The board has declared a final dividend of $0.74 a share, in line with its 40% payout policy. In 2021, Anglo American declared a final dividend of $1.18 a share and a special dividend of $0.50 a share. Write to Michael Susin at email@example.com