InvestmentPitch Media Video Discusses Dynacor Group’s 12th Consecutive Annual Profit with Historic Net Income of US$12.0 Million

Rhea-AI Summary

Dynacor Group, a Montreal-based industrial gold ore processor, reports its 12th consecutive annual profit with a historic net income of US$12.0 million for 2022, up from US$11.8 million in 2021. The net income per share rose to US$0.31.

Total sales reached US$197.5 million, driven by record production of 110,359 gold equivalent ounces. For 2023, Dynacor projects sales between US$210 million and US$235 million, assuming gold prices remain stable. The company maintains a healthy cash position of US$25.6 million and continues to pay monthly dividends, which were increased to CDN$0.12 annually.

Positive

• Net income increased to US$12.0 million, up from US$11.8 million in 2021.
• Sales reached US$197.5 million, driven by record production of 110,359 gold equivalent ounces.
• Projected sales for 2023 range from US$210 million to US$235 million.
• Monthly dividend increased to CDN$0.12 annually.
• Strong cash position with US$25.6 million on hand.

Negative

• Stock price is down slightly on the year.
• Net income forecast for 2023 is lower than 2022 results, ranging from US$8.5 to US$11.5 million.

VANCOUVER, British Columbia, April 03, 2023 (GLOBE NEWSWIRE) -- Montreal-based Dynacor Group Inc (TSX:DNG), a dividend-paying international industrial gold ore processor, has reported its 12th consecutive annual profit. Dynacor recorded an historical high net income of US$12.0 million, up from US$11.8 million reported in 2021, with net income per share increasing to US$0.31 up from US$0.30 for 2021.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company. The video is available for viewing on “InvestmentPitch” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “Dynacor” in the search box.

The shares are currently trading at $2.97, with 38.428 million shares outstanding, down slightly on the year following the repurchase of 819,000 shares and exercise of 519,000 options.

Total sales for 2022 reached US$197.5 million from the record production of 110,359 gold equivalent ounces, surpassing sales of US$195.9 million for 2021 from the production of 106,862 gold equivalent ounces. The US$1.6 million increase was a result of higher average gold prices and quantities sold.

Dynacor, an international gold ore industrial company, purchases ore from artisanal and small-scale miners which it processes at its Veta Dorada processing plant, strategically located fifteen minutes off the Pan American Highway near Chala in southern Peru. During the fourth quarter of 2022, the company completed another plant expansion, increasing its mill capacity by an additional 16% to 500 tpd up from 430 tpd, following a previous 25% increase completed in mid-2021. Thanks to its high level of ore inventory at the opening of the year and the increasing volume of ore supplied, the mill has been able to operate at full capacity throughout the year averaging a new record high processing rate of 413 tpd.

For 2023, Dynacor forecasted sales in the range of US$210 to 235 million representing a growth of 6.5 to 20.0% over 2022 sales, assuming gold stays in the $1,800 to $1,900 range per ounce. This would result in a net income in the range of US$8.5 to 11.5 million.

Dynacor’s 2023 capital budget of $7.0 million includes investments at the Veta Dorada plant for new efficiency improvement and approximately $1.0 million to advance other projects in other jurisdictions.

The company pays a monthly dividend, which was increased by 25% at the beginning of 2022 to CDN$0.10 per share annually and increased again effective January 2023 to CDN$0.12 annually. The company has a solid cash position with US$25.6 million on hand at the end of the year.

The company owns 100% of the advanced stage Tumipampa gold exploration property in south central Peru’s Apurimac department. It also intends to expand its processing operations in other jurisdictions.

Dynacor, a founding partner in the PX IMPACT® gold program, produces environmental and socially responsible gold. A growing number of supportive firms from the fine luxury jewelry, watchmakers and investment sectors pay a small premium for this gold which provides direct investment to develop health and education projects for the artisanal and small-scale miner’s communities.

For more in-depth information on the company’s annual financials, please refer to the March 31st news release, visit the company’s website www.dynacor.com, contact the company at 514-393-9000 ext 230 or by email at investors@dynacor.com.

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Disclaimer

The information in this InvestmentPitch Media Ltd video is for the viewers information only. Dynacor Gold Mines has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by InvestmentPitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. InvestmentPitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.

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FAQ

What was Dynacor Group's net income for 2022?

Dynacor Group reported a net income of US$12.0 million for 2022.

How did Dynacor Group's sales perform in 2022?

Dynacor Group's sales reached US$197.5 million in 2022.

What is the projected sales range for Dynacor Group in 2023?

Dynacor Group projects sales between US$210 million and US$235 million for 2023.

What is Dynacor Group's current dividend payment?

Dynacor Group increased its monthly dividend to CDN$0.12 annually.

What is the stock performance of Dynacor Group?

Dynacor Group's shares are currently trading at $2.97, down slightly on the year.