LONDON (dpa-AFX) - Pan African Resources Plc (PAF.L), a Gold producer in Africa, on Wednesday reported an increase in earnings and revenue for the full year, supported by a rise in Gold sales.
Cobus Loots, CEO of Pan African, said: 'We find ourselves in a very favourable Gold price environment, with the metal appreciating by more than 20% in US$ terms in the past year, and generally positive sentiment on its near-term prospects. However, we also recognise that, although fortuitous, the commodity price tailwinds may not last indefinitely.'
For the 12-month period to June 30, the company reported a profit of $78.8 million or 4.14 cents per share, higher than restated $60.5 million or 3.18 cents per share, registered last year.
Headline earnings stood at $79.5 million or 4.15 cents per share, compared with restated $60.2 million or 3.14 cents per share in 2023.
Revenue was $373.8 million, up from prior year's restated $319.9 million.
Revenue was supported by a 4.9 percent rise in Gold sales to 184,885oz, compared with last year's restated 176,216oz, and an 11.3 percent increase in the average US$ Gold price received during this period.
Annual Gold production also increased by 6.2 percent to 186,039oz from last year's 175,209oz.
The company will pay a final dividend of 1.20946 cents per share on December 10 to shareholders on the register as of November 29.
Looking ahead, for the full-year, the company expects Gold output of 215,000oz to 225,000oz, with the expected increase in production largely attributable to the contribution from the Group's new MTR project.
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