According to financial analysts, Evolution Mining, an Australian gold mining company, is expected to record improved earnings from fiscal year 2024 due to an anticipated increase in output, high gold prices, and reduced debt.

Jefferies anticipates an increase in Evolution Mining’s (ASX:EVN) net profit after tax (NPAT) to A$528 million in FY24 and A$621 million in FY25.

They anticipate a reduction in the company’s debt-to-equity ratio from 34% at the end of FY23 to 24% by FY25.

However, Citi revised its FY24 earnings outlook for the company to a neutral stance due to predicted depreciation and amortisation expenses of A$730 per ounce.

Despite this, Ord Minnett maintains a hold position, expressing confidence in the company’s potential to increase production rates to around 200kozpa in the future.

Ord Minnett also adjusted their FY24 core net profit prediction, reducing it by 7.6% to A$463.3 million.

In FY23, Evolution Mining reported a 50% decline in its statutory NPAT to A$163.5 million.

The company’s stocks have risen by 18.5% this year, compared to an 8.5% increase in the ASX All Ordinaries Gold index.

Evolution Mining (ASX:EVN) is an Australian company focused on gold mining operations.