Top silver producer Fresnillo says its H1 2023 profit down 36%; cuts interim dividend Fresnillo silver
- Fresnillo , the world's largest silver producer and Mexico's largest gold producer, announced today that its H1 2023 attributable silver production of 28.0 moz increased 1.4% from H1 2022, primarily due to the ramp-up of Juanicipio.
Fresnillo said its total revenues increased 6.7% to US$1,343.3 million in H1 2023, mainly due to the increased volumes of gold and silver sold at higher prices, partly offset by the lower zinc price. According to a press release, driven by a decrease in gross profit, EBITDA decreased by 23.5% to US$351.0 million in H1 2023, with EBITDA margin decreasing from 36.5% in H1 2022 to 26.1% in H1 2023.
Importantly, the company said that profit for the period decreased from US$141.0 million in H1 2022 to US$89.7 in H1 2023, a 36.4% decrease period-on-period.
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