Griffin Mining, a China-focused mining company, has announced that its pretax profit for the first half of the year has increased due to higher resources sold. The company also revealed that it has restarted its share-buyback program.
According to the company’s statement released on Tuesday, Griffin Mining’s pretax profit rose to $9.6 million, compared to $5.4 million in the same period last year. This increase can be attributed to the rise in revenue, which climbed to $69.5 million from $34.75 million.
Another notable improvement was seen in cash inflow from operations, which jumped to $21.4 million from an outflow of $4.1 million.
Furthermore, Griffin Mining has made the decision to reinstate its $10 million share-buyback program. Initially announced in 2021, this program will run until February 2024. The company expressed its belief that the current share price is significantly undervalued, leading to the decision to restart the buyback program.
These positive developments reflect Griffin Mining’s success in navigating challenges and capitalizing on opportunities in the mining industry. The company is optimistic about its future prospects and remains committed to delivering value to its shareholders.
