Silvercorp Metals Inc (TSX:SVM, AMEX:SVM) said its revenue in the fiscal year ended March 31, 2022, rose by 13% to $217.9 million, up from $192.1 million in the prior year.
During the year, the China-focused firm said it mined 996,280 tonnes of ore, up 3% from the previous year. In the same period, it milled 1,002,335 tonnes of ore, a 4% rise from the prior year.
Adjusted earnings attributable to equity holders reached $52.4 million, or $0.30 per share, compared to $49.8 million, or $0.28 per share in the prior year. Cash flow from operations was $107.4 million, up 25% or $21.5 million from $85.9 million in the prior year.
READ: Silvercorp Metals releases fiscal 2022 production; reiterates production guidance for 2023
The company ended its fiscal year with a strong balance sheet of $212.9 million in cash and cash equivalents and short-term investments, up $13.8 million or 7% compared to $199.1 million as of March 31, 2021.
During the fiscal year, it sold approximately 6.3 million ounces of silver, 3,400 ounces of gold, 63.6 million pounds of lead, and 26.8 million pounds of zinc, representing decreases of 1%, 28%, 5% and 4% in silver, gold, lead and zinc sold, compared to the prior year. Gold sales in the prior year had included one-time sales of 1,200 ounces from the remaining concentrate inventory produced at the BYP mine before it was placed on care and maintenance in 2014.
Net income attributable to equity holders was $30.6 million, or $0.17 per share, compared to $46.4 million, or $0.27 per share in the prior year.
Also during the fiscal year, Silvercorp paid $4.4 million of dividends to shareholders and acquired the Kuanping silver-lead-zinc-gold project in China for $13.1 million.
Q4 highlights
In the fourth quarter ended March 31, 2022, the company mined 180,505 tonnes of ore and milled 182,670 tonnes of ore, up 11% and 1%, respectively from the corresponding quarter of 2021.
During the quarter it sold approximately 1.2 million ounces of silver, 500 ounces of gold, 12.3 million pounds of lead, and 4.3 million pounds of zin
Revenue in Q4 was $41.6 million, up 16% or $5.9 million compared to $35.7 million in the year-ago period. Net income attributable to equity holders was $4.0 million, or $0.02 per share, compared to $7.0 million, or $0.04 per share, in the prior-year quarter.
Adjusted earnings attributable to equity holders of $9.5 million, or $0.05 per share, compared to $11.0 million, or $0.06 per share, in the prior year quarter. Cash flow from operations was $11.4 million, up 411% or $9.2 million compared to $2.2 million in the prior-year quarter.
In a separate statement, Silvercorp also announced that its board of directors has declared a semi-annual dividend of US$0.0125 per share to be paid to all shareholders of record at the close of business on June 6, 2022, with a payment date of the dividend scheduled on or before June 24, 2022. The dividends are considered eligible dividends for Canadian tax purposes.
The company said it will hold a conference call to discuss the results on Friday, May 27, at 9.00am PDT (12.00pm EDT).
To participate in the conference call, the required numbers are:
- Canada/USA TF: 888-664-6383
- International Toll: 416-764-865
- Conference ID: 70727987
Contact the author at jon.hopkins@proactiveinvestors.com