|
Centamin PLC on Thursday backed its annual guidance, despite a slight decrease in half-year gold production.
Additionally, it cut its interim payout to shareholders as profit fell.
Centamin shares were trading 3.8% higher at 87.55 pence each on Thursday mid-morning in London.
The Saint Helier, Jersey-based gold miner reported a pretax profit of $84.7 million in the six months to June 30, down 26% versus $114.8 million a year before.
Cost of sales jumped by 13% to $257.4 million from $227.3 million a year before.
Additionally, exploration & evaluation expenditure tripled to $17.6 million from $4.8 million.
Centamin produced 203,898 ounces of gold in the first half, reflecting a marginal decrease of 0.2% from 204,275 a year before. It sold 203,587 ounces, down 0.1% year-on-year from 203,802.
Revenue grew 3.9% to $381.8 million from $367.4 million.
This can be put down to a higher average realised gold price of $1,872, up 4.1% compared to $1,799.
Centamin chopped its interim dividend by 38% to 2.5 US cents per share from 4.0 cents.
Nonetheless, the FTSE 250 gold miner reaffirmed its annual guidance. It expects to achieve gold production of 430,000 to 460,000 ounces for the year.
Centamin produced 415,370 ounces of gold in 2021, meaning a 3.5% to 11% increase year-on-year.
However, all-in sustaining costs also are expected to rise, to between $1,275 and $1,425 per ounce from $1,234, as a result of inflationary pressures and a $226 million asset reset and the company's growth investment programme.
Centamin is commissioning a new solar plant in the third quarter of 2022.
‘Centamin has delivered strong performance against guidance and its long-term plans during the first half of the year,’ Chief Executive Martin Horgan said.
‘The new solar power plant is expected to yield cost and decarbonisation benefits through second half of 2022 and we also look forward to a strong pipeline of news that will highlight the organic growth potential we see across our portfolio of assets. Alongside this emerging growth, we remain committed to delivering shareholder returns and today announce an interim dividend of 2.5 US cents per share.’
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
