The strong dollar and the surge in gold prices delivered Apex Mining (APX) a windfall. The 20022 nine-month results of APX were an all-time high.
Revenue for the nine-month period of 2022 was at 7.6 Billion Pesos as against the 5.0 Billion Pesos revenue for the same period in 2021.
The strong revenue translated to a cash flows from operating activities of 2.9 Billion Pesos. The cash flows from operations in 9M2022 was more than double the cash from operating activities in 9M2021 which was at only 1.3 Billion Pesos.
The windfall boosted the cash balance of APX as of the end of 3Q2022 to 2.1 Billion Pesos.
Instead of splurging the windfall to its stockholders, APX is reinvesting. APX snapped Asia Alliance Mining Resources Corporation (AAMRC) for US$81.5 Million. AAMRC has existing mining claims and operations surrounding APX’s Maco Mines in Davao de Oro.
APX is now starting to reward its shareholders, it distributed a modest dividend of 0.01055 per share last August 2022 to its shareholders. As its expansion bears fruit expect the dividend to grow.
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