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Pan African Resources Annual Profit Increases

Pan African Resources Plc (PAF.L), a mid-tier African-focused gold producer, Wednesday said its net profit for the year ended June 30 increased to $75 million or 3.90 cents per share from $74.7 million or 3.87 cents per share last year.

Excluding one-time items, headline earnings were $75.6 million or 3.93 cents per share compared with $74.7 million or 3.87 cents per share a year ago.

Net cash from operating activities increased 45.1% to $110.0 million from $75.8 million last year.

The company said its net debt reduced by 66.7% to $13.0 million from $39.0 million last year.

Gold production in the year increased 1.9% to 205,688oz from 201,777oz in the previous year.

Looking forward, the group expects its production for the 2023 financial year to be in line with the previous year.

The Board has recommended a final dividend of 1.04046 cents per share to be paid on December 13, to shareholders on the register as on December 2.

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