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Pan African Resources PLC on Thursday said it expects earnings to have risen by at least a quarter in the recently completed 2024 financial year. The Rosebank-headquartered gold producer guided for a rise in earnings per share to a range of between 3.98 US cents and 4.30 cents for the financial year that ended June 30, compared to 3.19 cents in financial 2023, representing growth of between 25% and 35%. Headline EPS is estimated to have climbed by between 27% and 37% to a 3.99 cents to 4.31 cents range, from 3.15 cents. The strong earnings are due to a 17% growth in revenue, thanks to an increase in gold sold of 4.9% and the 11% rise in average gold price. The gold producer late in July reported a 6.2% increase in production to 186,039 ounces in the recent financial year from 175,209 ounces the year earlier. All-in sustaining costs is estimated to be about $1,350 an ounce, up 17% from $1,152, it said back then. Pan African expects to release its full financial results on Wednesday next week. In Johannesburg, Pan African shares were up 0.6% at R 6.92 on Monday morning. They were up 0.9% at 29.65 pence each in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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