Belfast Telegraph

Dublin-listed mining company Kenmare Resources doubles profits in record year

Confident: Michael Carvill
Confident: Michael Carvill

By Ellie Donnelly

Irish-owned titanium miner Kenmare Resources, led by Co Down man Michael Carvill, reported a more than doubling in profits after tax to $50.9m (£38.5m) last year in a performance analysts said should please shareholders.

Job Langbroek, analyst at Davy Stockbrokers, said: "While some of this can be put down to better external market pricing, a much steadier and improved operating performance was also achieved."

The Dublin-listed company, whose main operations are at the Moma mine in Mozambique, reported a 54% increase in earnings before interest, taxation, depreciation and amortisation last year to $93.3m (£70.6m).

Revenue at the group jumped 26% to $262.2m (£198.3m), primarily due to increased volumes shipped and higher average received prices, according to annual results from the group.

Shipments of finished products increased 3% to 1,074,400 tonnes, a new yearly record.

Michael Carvill, the group's managing director, said: "2018 was Kenmare's third consecutive year of achieving our production guidance and delivering record shipment volumes."

"Average received prices for our products were higher in 2018 compared to 2017 and we see a positive outlook due to continued demand growth, depletion of existing mines and limited supply from new mines in the coming years."

At the end of 2018 Kenmare had a net cash position of $13.5m (£10.2m), up from $34.1m (£25.8m) net debt at the end of 2017.

Mr Carvill is originally from Warrenpoint, Co Down.

Belfast Telegraph