CSN Mineração (CMIN3) earns R$558 million in Q1 and reports $1 billion profit

CSN Mineração (CMIN3) announced net profits of R$558 million in the first quarter of 2023 (Q1 2024), an amount 8% higher than the amount announced in the same period of 2023.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled R$1,123 billion in the first quarter of 2024, a decrease of 44% compared to the first quarter of 2023.

EBITDA margin reached 40.1% between January and March of this year, down 9 percentage points compared to the margin recorded in the first quarter of 2023.

According to CSN Mineração, the loss of profitability is mainly due to the seasonality of this period and the decline in prices, with the strong impact of temporary prices due to the correction seen in the last days of March.

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Total net revenues amounted to R$2,805 billion in the first quarter of this year, a decrease of 32% compared to the same period in 2023, as a direct result of the lower prices recorded in this period.

Gross profit reached R$915 million in the first quarter of 2024, a decrease of 52% compared to the same period in 2023.

The net financial result was negative at R$44 million in the first quarter of 2024, an 88% decrease from the financial losses at the same point in 2023.

As of March 31, 2024, CSN Mineração had a total of R$10.4 billion in cash, which helped strengthen the company’s net cash position, which reached R$1.7 billion in the period.

The leverage index, measured by net debt/EBITDA, was -0.24 times on March 24, an improvement of 0.13 percentage points compared to the same period in 2023.

Total capital expenditures in the first quarter of 2024 amounted to R$253 million, a decrease of 48% compared to the previous quarter, as a result of lower maintenance expenses and the new P15 packages, which are still in the engineering phase for suppliers.

CSN Mineração (CMIN3) has agreed to pay dividends

The Board of Directors of CSN Mineração (CMIN3), in anticipation of the mandatory minimum dividend, approved the distribution of interim dividends on account of the dividend reserve, in the amount of R$1.025 billion, equivalent to a value of R$0.186869166032 per R$. Involved.

Shareholders who held shares on May 14, 2024 will have the right to trade the shares ex-dividend as of May 15. Payment will be made by May 28, 2024.

The mining company also announced that the interest on the capital declared on December 22, 2023 will be available until May 28, 2024. The amount amounts to R$435,246,242.28, which is equivalent to a total value of R$0.0793471935161 per share. You are entitled to JCP who held shares until December 28, 2023.