Share Prices & Company Research

Market News

22 Mar 2021 | 07:04

Centamin profit soars on higher gold price

(Sharecast News) - Centamin's annual profit soared as the higher price of gold more than offset a dip in production during the Covid-19 crisis. Pretax profit jumped 82% to $315m (£228m) in the year to end of December as revenue rose 27% to a record $829m. Earnings before interest, tax, depreciation and amortisation increased 54% to $439m.

The FTSE 250 gold miner proposed a final dividend of 3 cents a share, taking the total 2020 payout to 15 cents a share or $104m. Centamin said it would pay at least $105m of dividends in 2021.

Centamin produced 452,320 oz of gold, down 6% from the year before and the average realised price rose 26% to $1,766 per ounce as demand increased during the crisis. The company also cut $44m of gross costs and generated $142m of cash.

Chief executive Martin Horgan said: "Centamin delivered another solid financial performance in 2020, driven primarily by improved commodity pricing, our comprehensive response to Covid-19 and an improvement in operating efficiencies and productivity."

The company reiterated its outlook for 2021, predicting gold production of 400,000 to 430,000 oz, at cash costs of $800-900 per oz produced and all-in sustaining costs of $1,150- 1,250 per oz sold.

Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 30th April 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.