Wheaton Precious Metals Corp on Friday announced a higher dividend amid an increase in gold production and profit.

The Vancouver-based precious metals streaming company said pretax profit fell 19% to $539.1 million in 2023 from $669.6 million in 2022.

Revenue declined by 4.6% to $1.02 billion from $1.07 billion. More importantly, gain on disposal of mineral stream interests dropped to $5.0 million from $155.9 million a year prior.

Wheaton declared a final dividend of 15.0 US cents per share, unchanged from a year ago. Separately, it declared a first quarter dividend of 15.5 cents, an up-tick of 3.3% from both a quarter and a year ago.

Wheaton said it revised its dividend policy, ‘transitioning from distributing 30% of the average of the previous four quarters’ operating cash flows to shareholders, to adopting a progressive dividend policy marked by an increase to our 2024 annual dividend.’

Gold output jumped 31% in 2023 to 374,585 ounces from 285,601 in 2022. In the fourth quarter alone, it surged 64% to 113,359 ounces from 69,027 a year before.

Silver production, however, fell 28% in 2023 to 17,176 ounces from 23,800. In the fourth quarter, it was 21% lower year-on-year, to 4,208 ounces from 5,303.

Looking ahead, the company targets gold production of 325,000 to 370,000 ounces in 2024, at least 1.2% lower than the 374,585 in 2023. Silver output is set to pick up, by at least 7.7% to between 18,500 and 20,500 ounces.

Wheaton shares were up 2.1% to 3,578.50 pence midday Friday in London.

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