Stock Track | Zijin Mining Soars on Robust Profit Growth and Margin Expansion

Stock Track10-21

Shares of Zijin Mining Group (SEHK:2899) surged over 5% in trading on October 21st, 2024 after the company reported strong profit growth and margin improvement in its third quarter 2024 earnings results.

While Zijin Mining's revenue of CN¥80 billion increased 7.1% year-over-year, it fell short of analyst expectations. However, this top-line miss was overshadowed by the company's impressive bottom-line performance. Net income soared 58% to CN¥9.27 billion, driven by expanded profit margins which jumped from 7.9% in Q3 2023 to 12% in the latest quarter.

Analysts highlighted Zijin Mining's robust profitability as a key positive, with one noting "The strong earnings growth and margin expansion demonstrate Zijin's effective cost control measures and operating leverage." The company's earnings per share of CN¥0.35 also showed substantial improvement from CN¥0.22 in the year-ago period, though it narrowly missed forecasts.

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