Polyus Reports 4Q Profit Fell, Backs 2022 Guidance

By Jaime Llinares Taboada

Polyus PJSC on Tuesday reported a lower profit for the fourth quarter, and reiterated production guidance for 2022.

The Russian gold miner made a net profit of $521 million in the fourth quarter, down 22% from $664 million in the third quarter. This was as production fell 11% and all-in sustaining cash costs per ounce jumped 20%.

For the whole of 2021, Polyus said its net profit rose 38% to $2.28 billion. However, adjusted net profit fell 2% to $2.29 billion.

As for 2022, Polyus reaffirmed production guidance of around 2.8 million ounces, total cash cost per ounce of $425-$450 and capital expenditure of $1.1 billion-$1.2 billion.

The company said that it expects to pay a second-half dividend of $4.03 a share, bringing full-year distributions to $1.06 billion.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

March 01, 2022 03:00 ET (08:00 GMT)

PJCS Polyus (CE) (USOTC:OPYGY)
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