5th Sep 2024 13:13
(Alliance News) - 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 USD1,350 an ounce, up 17% from USD1,152, 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 ZAR6.92 on Monday morning. They were up 0.9% at 29.65 pence each in London.
By Artwell Dlamini, Alliance News reporter
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