CGN Mining revenue up, profit down amid tax hike

CGN Mining Co. (HKEX: 1164) reported a 17% increase in revenue, reaching HK$8.624 billion for the year ended December 31, 2024, driven by robust natural uranium trading. However, profits attributable to owners decreased by 31% year-on-year to HK$342 million due to a significant HK$287 million increase in income tax expenses, primarily resulting from rising tax costs in Kazakhstan. The company is proposing a final dividend of HK0.007 per share, payable on or before July 30, 2025, subject to shareholder approval at the annual general meeting scheduled for June 19, 2025. The company's gross profit margin was affected by a narrowing trading spread. Despite this, the company's board looks to maintaining trading business, exploration of uranium resources, and working to keep a manageable equity incentive policy. The company continues to seek strategic partnerships internationally to build their uranium projects.