Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Wheaton Precious Metals Corp on Friday announced a higher dividend amid an increase in gold production and profit.
The Vancouver-based precious metals streaming company said pretax profit fell 19% to $539.1 million in 2023 from $669.6 million in 2022.
Revenue declined by 4.6% to $1.02 billion from $1.07 billion. More importantly, gain on disposal of mineral stream interests dropped to $5.0 million from $155.9 million a year prior.
Wheaton declared a final dividend of 15.0 US cents per share, unchanged from a year ago. Separately, it declared a first quarter dividend of 15.5 cents, an up-tick of 3.3% from both a quarter and a year ago.
Wheaton said it revised its dividend policy, ‘transitioning from distributing 30% of the average of the previous four quarters’ operating cash flows to shareholders, to adopting a progressive dividend policy marked by an increase to our 2024 annual dividend.’
Gold output jumped 31% in 2023 to 374,585 ounces from 285,601 in 2022. In the fourth quarter alone, it surged 64% to 113,359 ounces from 69,027 a year before.
Silver production, however, fell 28% in 2023 to 17,176 ounces from 23,800. In the fourth quarter, it was 21% lower year-on-year, to 4,208 ounces from 5,303.
Looking ahead, the company targets gold production of 325,000 to 370,000 ounces in 2024, at least 1.2% lower than the 374,585 in 2023. Silver output is set to pick up, by at least 7.7% to between 18,500 and 20,500 ounces.
Wheaton shares were up 2.1% to 3,578.50 pence midday Friday in London.
Copyright 2024 Alliance News Ltd. All Rights Reserved.