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Centamin FY19 Underlying EBITDA Rises; Maintains 2020 Production Outlook

Centamin Plc (CELTF.PK,CEY.L,CEE.TO) reported that its profit after tax for the twelve months ended 31 December 2019 increased 13% to $172.9 million. Basic earnings per share increased 17% to 7.59 US cents. Underlying EBITDA increased 10% to $284 million. The company noted that its fiscal 2019 financial performance further benefited from improved gold prices.

Fiscal year Gross revenues were $658.1 million, up 7% from prior year. A weaker third quarter, due to slower mining rates from a section of the open pit, impacted annual production performance of 480,528 ounces, which was up 2% from 2018.

Centamin maintained its 2020 full year guidance, targeting production between 510,000-540,000 ounces of gold, at cash costs between $630-$680 per ounce produced and AISC between $870-$920 per ounce sold. The company's 2020 capital expenditure is now expected to be in the range of $150 million-$170 million (previously $190 million).

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