3rd Aug 2022 12:32
(Alliance News) - Endeavour Mining PLC on Wednesday said performance in the first half of 2022 was "solid" and it lifted its first-half dividend by over 40%.
The miner, which has assets in Burkina Faso and Ivory Coast, said revenue for the six months that ended on June 30 increased marginally to USD1.32 billion from USD1.31 billion a year earlier.
Revenue was helped by a higher realised gold price of USD1,872 per ounce, compared to USD1,779 a year earlier. Revenue growth, however, was capped by a fall in gold sales volumes.
Pretax profit, however, dropped by 13% year-on-year to USD312.0 million from USD359.0 million.
Profit was hurt by a USD72 million loss on financial instruments, swinging from a USD29 million a gain a year earlier. The loss this year was driven by a USD58.0 million foreign exchange hit.
Chief Executive Officer Sebastien de Montessus said: "We are very pleased with our solid operating and financial performance over the first six months of the year, which has resulted in robust operating cash flow generation of more than USD550 million."
Endeavour declared an interim dividend of 0.40 cents per share, up 43% from the year prior. This totals USD100 million. The company said it is targeting a minimum dividend of USD200 million for the year.
Looking ahead, the miner said it is well positioned to achieve financial 2022 production guidance of 1,315-1,400 thousand ounces at an all-in sustaining costs of USD880 to USD930 per ounce.
Shares were up 1.5% at 1,643.00 pence each on Wednesday morning in London.
By Xindi Wei; [email protected]
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