Mes Kavan Namad: Roughly 8-Fold Six-Month Operating Profit Rise Came From Price, Not Volume

In a group B Codal disclosure (tracing number 1629671) published on Friday, November 6, 2026, Mes Kavan Namad explained the roughly 8-fold rise in operating profit for the six months ended September 22, 2026 (31 Shahrivar 1405). The company said the average exchange rate rose about 100% and the average world copper price about 31%, lifting the average selling price per tonne of copper concentrate by about 167%. Operating revenue grew about 146% from the same period a year earlier.

Over the same period, concentrate production and sales fell about 12% and 10% respectively. Cost of operating revenue rose about 50%, and gross profit as a share of revenue went from about 19% to more than 50%. The company stressed that sustaining this level of profit depends on holding output, raising sales tonnage and managing costs, because much of the growth rests on the exchange rate and world copper price. The disclosure was filed as the company prepares its initial public offering.