Evolution Mining (ASX:EVN) rewards investors as profits rise

Company News

by Kathy Skantzos

Evolution Mining (ASX:EVN) has reported a 38 per cent increase in net profit after tax to a record $301.6 million compared to $218.2 million for FY19.

The mining company reports that it will pay a record final dividend for the year of 9 cents per share fully franked delivering a total FY20 dividend of 16 cents per share, a 68 per cent increase on FY19.

EBITDA increased 41 per cent to a record $1.03 billion compared to $730.3 million for the prior year.

Revenue for the year increased by 29 per cent to a record $1.94 billion, up from $1.51 billion in FY2019.

Commenting on the FY20 financial results, Evolution’s Executive Chairman Jake Klein said: “FY20 was a great year for Evolution with a strong improvement in safety and sustainability performance, record underlying net profit, record free cash flow generation and record dividends.”

Shares in Evolution Mining (ASX:EVN) are trading 2.71 per cent higher at $5.69. 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.