Northern Star Earnings: Elevated Gold Prices Drive a Record Result

No-moat Northern Star’s fiscal 2024 adjusted net profit after tax of AUD 690 million, or AUD 0.59 per share, was more than double the result a year ago. Adjusted EBITDA increased 43% to about AUD 2.2 billion. Elevated gold prices were the main driver, and this was assisted by 4% higher sales volumes to 1.62 million ounces, which more than offset higher unit costs. The result was in line with our expectations. Though the final dividend of AUD 0.25—to be paid in September—meant total dividends of AUD 0.40 were higher than our AUD 0.34 estimate, unfranked.