Centamin confirms 82% profit rise as gold surges in 2020

Centamin declares final dividend of 3 cents per share

Centamin (LON:CEY) announced an 82% increase in profit before tax for the year amid a rise in the price of gold.

Pre-tax profit surged to $315m from $173m the year before, while revenue increased by 27% to a record $828m.

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The price received for gold rose to $1,766 per ounce, up by 26%, which outweighed lower production and higher costs.

The FTSE 250 firm declared a final dividend of 3 cents per share, bringing the total to 9 cents. However, Centamin did pay out its final dividend for 2019 in Q1 of 2020 as an interim payment.

Martin Horgan, chief executive of Centamin, commented on the results:

“It is a pleasure to be providing my first CEO Statement since joining Centamin in April 2020. It has been a year that has presented numerous challenges as we faced the global health and economic crisis from the COVID-19 pandemic. I am immensely proud of the resilience and dedication of our workforce whose commitment and proactive response has enabled the Company to successfully navigate this period,” said Horgan.

“Consequently, many of our workforce have been separated from their families and loved ones for extended periods and in some cases facing substantial periods in isolation, with limited physical exercise due to travel protocols. The mental and physical health of our people is a vital consideration and in 2020 we implemented several initiatives to help address this situation which included improved rest accommodation, robust fatigue management protocols, increased our health education and exercise programmes, upgraded our workforce health insurance, and introduced a third-party mental health and advice platform for our team.”

“The year also saw the commencement of a comprehensive review of the Company with the intention of building on the successes of the last 10 years to map out a strategy for the next decade and beyond which will deliver an optimised Sukari and the realisation of the value in our West African portfolio of exploration assets. I look forward to updating you in due course as we start to deliver into this strategy over 2021 and beyond.”

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