Centamin H1 Profit Surges

Gold mining company Centamin Plc (CELTF.PK,CEY.L,CEE.TO) Tuesday posted significantly higher profits for the first half, with 56 percent rise in gold sales. The company said its production rose 9 percent during the half year despite the Covid-19 challenges.

The Group's profit before tax surged to $191.1 million from $59.6 million last year. Profit for the period attributable to the owners of the parent rose to $74.8 million or 6.454 cents per share from last year's 19.7 million or 1.698 cents per share.

For the half year, revenue from gold sales increased by 56 percent to $449 million. The Group's gold sales grew by 21 percent to 270,529 ounces during the period.

Centamin said it produced about 256,084 ounces of gold in the first half, which is 9 percent higher than 234,096 ounces recorded last year. Looking ahead, the Group said it remains on track to meet 2020 full year production guidance of between 510,000 - 525,000 ounces of gold.

In addition, the Board declared a second interim dividend of 6 US cents per share, to be distributed to shareholders on 11 September 2020.

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