21st Mar 2016 07:35
LONDON (Alliance News) - Centamin PLC on Monday declared an increased dividend for 2015 despite reporting a dip in profit, and said production is expected to rise this year.
The Egypt-focused gold miner said its pretax profit in 2015 fell to USD58.4 million from the USD81.6 million reported a year earlier, despite delivering a material rise in revenue in the year to USD508.4 million from USD472.6 million.
Earnings before interest, tax, depreciation and amortisation dipped slightly to USD152.2 million from USD165.5 million.
Centamin will pay a final dividend of 1.97 cents per share, giving a total dividend of 2.94 cents per share for the full year, a small rise from the maiden dividend paid in 2014 of 2.86 cents.
Cash generated from operations in 2015 rose substantially to USD185.5 million from only USD116.4 million the year before.
Production in the year amounted to 439,072 ounces of gold, up 16% from 2014 and within the company's revised guidance range. The all-in sustaining cost in 2015 averaged USD885 per ounce of gold produced.
This year, Centamin plans to produce 470,000 ounces of gold at an all-in cost of USD900 per ounce.
"Whilst this guidance implies further material production growth at Sukari, the key focus for the operation during the year is on realising the potential for additional productivity and cost efficiencies," the miner said, referring to its Egyptian mine.
By Joshua Warner; [email protected]; @JoshAlliance
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