Ramelius’ profit and revenue up

Ramelius Resources' revenue jumped 14 per cent during the first half of the 2024 financial year, ensuring the gold miner generated a record $348.5 million.

Revenue during H1, FY24, was boosted by a 5 per cent increase in gold production, along with a higher realised gold price.

Tuesday's announcement follows Ramelius telling the market on January 30 that it had upgraded its FY24 annual guidance - from 250,000-275,000 ounces of gold to 265,000-280,000oz - on the back of production tipped to increase during H2, FY24. 

The East Perth-based company recorded a net profit after tax of $41.2 million, up 42 per cent from the prior corresponding period, while its earnings before tax, interest, depreciation and amortisation reached $140.2 million, climbing 39 per cent from $101.1 million during H1, FY23. 

While pleased with the results, Ramelius' managing director Mark Zeptner was quick to praise the company's staff.

"The December 2023 quarter was a particularly challenging period for the processing and maintenance team at Mt Magnet, with the CV01 conveyor repairs undertaken," he said.

"It is a testament to our team to have been able to not only meet our production targets for H1, FY24, but also upgrade our production guidance for FY24."

During its December 2023 quarterly report, the company said it had reviewed and enhanced the structural integrity regime at its Mt Magnet gold exploration project, in order for unplanned repairs to be minimised in the future.

Ramelius closed trade at $1.44 per share, shedding 0.69 per cent.