{"id":478896,"date":"2024-03-26T14:33:05","date_gmt":"2024-03-26T14:33:05","guid":{"rendered":"https:\/\/www.kapitalafrik.com\/?p=478896"},"modified":"2024-03-26T14:33:27","modified_gmt":"2024-03-26T14:33:27","slug":"cmoc-releases-its-2023-annual-results-35-98-yoy-record-breaking-growth-of-net-profit","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2024\/03\/26\/cmoc-releases-its-2023-annual-results-35-98-yoy-record-breaking-growth-of-net-profit\/","title":{"rendered":"CMOC releases its 2023 annual results \u2013 35.98% YoY record-breaking growth of net profit"},"content":{"rendered":"<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-bottom-left\"><\/div>\n<p class=\"wp-block-paragraph\">CMOC Group Limited (CMOC) has announced on March 22<sup>nd<\/sup>&nbsp;its record-breaking financial and operational performance for the year 2023. Demonstrating a robust YoY growth of 35.98%, the company&#8217;s net profit attributable to the parent reached 1.17 billion USD, on the back of revenues that escalated to 26.52 billion USD. The mining segment has been a standout performer, with operating cash flow reaching 2.21 billion USD. The trading sector represented by IXM concluded a historic 613% YoY growth of net profit. A historical&nbsp;milestone positioned&nbsp;CMOC&nbsp;as a leader in the industry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;Our exceptional financial performance this year is a testament to all the entities\u2019 hard work and the innovative strategies we have implemented,&#8221; said Mr. Sun Ruiwen, the CEO of CMOC group. &#8220;These achievements are not just numbers; they represent our commitment to excellence, sustainable growth, and our ability to adapt and thrive in dynamic market conditions.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Significant YoY increase of the output of all products<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CMOC has seen YoY growth for 2023 across all product lines, achieving historical highs in the production of copper, cobalt, niobium, and phosphate fertilizers.&nbsp;<a>Notably, the group&#8217;s copper production reached 419 539 tons and cobalt production reached 5 5526 tons, achieved respective copper and cobalt YoY growth of 51% and 174%. CMOC has thus positioned among the world\u2019s top copper producers and has become the largest cobalt producer.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a>The CMOC Kisanfu Mining (KFM) delivered substantial output with 113 690 tons of copper and 33 871 tons of cobalt. The Tenke Fungurume Mining (TFM) copper and cobalt productions reached 280 297 tons and 21 655 tons respectively. Moreover, with the five copper-cobalt production lines at TFM all started production in 2023, its current copper and cobalt production capacity is at 450 000 tons and 37 000 tons respectively.<\/a>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Commitment to ESG and Community Support<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to its financial and operational successes, CMOC has made<a>&nbsp;significant strides in environmental, social, and governance (ESG) performance<\/a>. In 2023, CMOC\u2019s MSCI ESG rating<a><\/a><a href=\"https:\/\/mail.google.com\/mail\/u\/0\/#m_1159637122744181735_m_-2760151027405959576__ftn1\"><sup>[1]<\/sup><\/a>&nbsp;was upgraded to AA and IXM has been awarded the Gold Medal rating by \u201cEcoVadis\u201d. With its carbon intensity 95% lower than the industry average, renewable sources accounting for 41% of overall energy consumption, the Company sets a world-class standard in environmental stewardship. In 2023, CMOC\u2019s direct economic contributions globally amounted to approximately<a>&nbsp;26.04 billion USD<\/a>&nbsp;reflecting the company\u2019s impact on economic growth and its vision as a key player in the global market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;We are proud of our achievements in sustainability and community support. Our efforts in reducing carbon intensity, utilizing renewable energy, and investing in global community projects exemplify our commitment to making a positive impact on the planet and the lives of people in the communities we serve,&#8221; emphasized Mr. Sun Ruiwen, the CEO of CMOC group.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>About CMOC<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CMOC Group Limited was founded in 1969 and is a privately managed company listed on the Hong Kong in 2007 and the Shanghai stock exchanges in 2012. CMOC is an international company specializing in the exploration, mining, processing, refining, marketing, and trading of rare metals. The company&#8217;s main assets and operations are located in Asia, Africa, South America, and Europe. The company is one of the world&#8217;s largest producers of tungsten, molybdenum, and niobium, the largest cobalt producer, and a global leading copper producer. It is also the second-largest producer of phosphate fertilizers in Brazil. In terms of business activities, the company ranks among the top three base metals traders in the world.&nbsp;In line with its dedication to positive environmental and social impact, the company invests heavily in ESG (Environmental, Social, Governance) initiatives, resulting in the creation of over 32,000 jobs.<\/p>\n<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-bottom-left\"><\/div>","protected":false},"excerpt":{"rendered":"<p>CMOC Group Limited (CMOC) has announced on March 22nd&nbsp;its record-breaking financial and operational performance for the year 2023. Demonstrating a robust YoY growth of 35.98%, the company&#8217;s net profit attributable to the parent reached 1.17 billion USD, on the back of revenues that escalated to 26.52 billion USD. The mining segment has been a standout<\/p>\n","protected":false},"author":527180,"featured_media":478898,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12065],"tags":[],"class_list":["post-478896","post","type-post","status-publish","format-aside","has-post-thumbnail","category-press-releases","post_format-post-format-aside","pmpro-has-access"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.5 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CMOC releases its 2023 annual results \u2013 35.98% YoY record-breaking growth of net profit - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. 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