Central Asia Metals Swings to $75.2 Million Net Loss Following Massive Asset Impairment Charge

Central Asia Metals posts a $75.2m net loss for 2025 due to a $117.8m impairment, despite stable revenue and a 12p full-year dividend recommendation.

By: AXL Media

Published: Mar 19, 2026, 7:03 AM EDT

Source: The information in this article was sourced from Sharecast News

Impairment Charge Triggers Sharp Reversal in Annual Earnings

Central Asia Metals (CAML) faced a challenging financial transition in 2025, swinging from a restated net profit of $51.2 million in 2024 to a net loss of $75.2 million. This fiscal decline was primarily attributed to a substantial $117.8 million impairment charge that overshadowed an otherwise steady operational performance. Despite the bottom line contraction, the group managed to generate revenue of $229.9 million, a slight increase over the previous year's $214.4 million. Chief Executive Gavin Ferrar characterized the period as an operational reset, noting that while exceptional items impacted statutory figures, the underlying attributable profit remained resilient at $32.6 million.

Kounrad and Sasa Operations Maintain Production Stability

The group's core mining assets in Kazakhstan and North Macedonia provided a consistent foundation for EBITDA, which settled at $101.8 million. At the Kounrad facility, copper production reached 13,311 tonnes, closely mirroring the 13,439 tonnes produced in 2024. Meanwhile, the Sasa mine in North Macedonia saw a marginal decline in zinc-in-concentrate output to 17,881 tonnes and lead-in-concentrate production to 25,156 tonnes. Management noted that the Kounrad site continues to function as a low cost anchor for the business, while Sasa showed signs of an improving contribution toward the latter half of the year as productivity initiatives began to take hold.

Balance Sheet Flexibility Supports Dividend and Buyback Strategy

Despite the net loss, Central Asia Metals maintained a robust cash position, ending the fiscal year with $80.1 million in liquid assets and minimal debt. This financial health allowed the board to propose a final dividend of 7.5p per share, bringing the total annual distribution to 12p. While this represents a decrease from the 18p paid in 2024, the payout remains at the upper end of the company’s policy of distributing 30% to 50% of free cash flow. Additionally, the firm successfully executed a $10.0 million share buyback program, signaling management's confidence in the long term value of the company’s equity despite the immediate accounting setbacks.