SouthGobi Reports Profit Surge for FY2024

SouthGobi Resources Ltd., a Vancouver-based company listed on the TSX Venture Exchange and the Hong Kong Stock Exchange, has issued a profit alert based on its unaudited management accounts for the year ending December 31, 2024. The company projects a significant increase in revenue and net profit compared to the previous year. Revenue is expected to reach between US$444 million and US$543 million, up from US$331.5 million in 2023. Net profit attributable to equity holders could range from US$83.6 million to US$102.2 million, a notable rise from US$0.9 million in 2023.

This anticipated growth is attributed to increased sales volume, expansion of coal product categories, and a favorable tax reassessment amounting to US$48.5 million. However, a Court proceeding has been initiated by the Mongolian Tax Authority regarding the reassessment. The company advises caution to its shareholders and potential investors, as the financial data is preliminary and unaudited.