Centamin’s Gold Production Totalled 481K Oz in FY 2019

Centamin maintained its full year production guidance of between 510,000–540,000 ounces of gold.

SEATTLE (Scrap Monster): Centamin reported audited financial results for the twelve-month period ended 31^st December, 2019.

The company reported gross revenues of US$658.1 million, higher by 7% when compared to the prior year. EBITDA recorded an improvement of 10% over the previous year to US$284.0 million. The EBITDA margin stood at 43%. The taxed profit surged higher by 13% to US$172.9 million. Centamin posted basic earnings per share of 7.59 cents. The company’s operational cash flow has improved by 11% to $249 million. Also, royalty payments to the Egyptian government totalled $19.7 million during the previous financial year, said company press release.

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Centamin’s gold production totalled 480,528 ounces in FY 2019, marginally higher by 2% when matched with the production of 472,418 ounces in the previous fiscal. The gold sales recorded 3% year-on-year decline from 484,322 ounces to 470,020 ounces. The all-in sustaining costs (AISC) of US$943 per ounce sold were higher by 7%.

Centamin maintained its full year production guidance of between 510,000–540,000 ounces of gold at cash costs between US$630-680 per ounce produced and AISC between US$870-920 per ounce sold.

Ross Jerrard, CFO stated that the company delivered continued operational improvements at Sukari. Having made a good start to 2020, the company is confident of achieving greater operational efficiency during the year, he added.

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