Southern Copper Corporation (NYSE and BVL: SCCO) has released its fourth quarter and year 2024 results, showcasing significant growth across various key financial metrics. In the fourth quarter of 2024, net sales amounted to $2,784.3 million, reflecting a substantial 21.3% increase compared to the same period in 2023. The company's 2024 net sales hit a record high of $11,433.4 million, marking a 15.5% increase over 2023.
Net income in the fourth quarter of 2024 reached $793.9 million, representing a remarkable 78.4% surge from the corresponding period in 2023. The 2024 net income amounted to $3,376.8 million, recording a substantial 39.2% increase over the previous year.
Adjusted EBITDA in the fourth quarter of 2024 stood at $1,506.7 million, signifying a notable 42.7% rise from the same period in 2023. The 2024 adjusted EBITDA reached $6,406.1 million, indicating a significant 27.4% increase over 2023.
Cash flow from operating activities in 2024 amounted to $4,421.7 million, reflecting a substantial 23.7% increase compared to 2023. Additionally, the company reported a 2.1% increase in copper production in the fourth quarter of 2024, and a 6.9% increase in copper production for the entire year of 2024, reaching a total of 973,851 tons.
Furthermore, the company's operating cash cost per pound of copper, net of by-product revenue credits, decreased by 22.5% in the fourth quarter of 2024 compared to the same period in 2023, and by 13.9% for the entire year of 2024 compared to 2023.
In terms of financing, the company's subsidiary, Minera Mexico S.A. de C.V., issued a $1 billion 7-year note of fixed-rate senior unsecured notes, demonstrating efforts to bolster liquidity and finance Mexican capital expenditures.
Moreover, the company's board of directors authorized a quarterly cash dividend of $0.70 per share of common stock and a stock dividend of 0.0073 shares of common stock per share of common stock, payable on February 27, 2025.
Southern Copper Corporation also provided insights into its capital investment program, with plans to invest more than $15 billion in projects in Mexico and Peru. These projects include investments in open pit, metallurgical facilities, and underground mines, with a significant portion allocated to modernizing and updating assets, as well as enhancing water usage and tailings management.
The company's environmental, social, and corporate governance (ESG) practices were also highlighted, with Southern Copper Corporation being recognized among the top 10 mining companies with the highest ratings for sustainability in 2024, based on the Corporate Sustainability Assessment (CSA) of S&P Global.
Today the company's shares have moved 1.9% to a price of $93.85. For more information, read the company's full 8-K submission here.
