Pan African Resources PLC said on Wednesday it achieved record annual gold production as the company made progress on growth projects while keeping costs contained.

For the financial year to June 30, pretax profit for the Rosebank-headquartered gold producer rose by 1.9% to $106.8 million from $104.8 million in the prior year.

Revenue was up 2.0% to $376.4 million from $368.9 million on the back of record production.

Gold output rose slightly to 205,688 ounces from 201,777 ounces, exceeding the group’s own revised production guidance of 200,000 ounces.

All-in sustaining costs inched up to $1,284 an ounce from $1,261 an ounce.

Pan African Resources declared a final dividend of about 1.04 US cents, or 18.00 rand cents.

Earnings per share increased to 3.90 US cents from 3.87 cents, while headline earnings per share improved to 3.93 cents from 3.87 cents.

‘Over the past year the group has again made meaningful progress with our operational performance and growth projects,’ the company said.

The organic growth projects at the Evander Mines’ underground operations are on schedule to commence delivering within their anticipated production timeframes.

The miner said it constantly evaluated opportunities to bring its large reserve base to account, with the work at Evander Mines’ 8 shaft being testament to these efforts.

Looking ahead, the company said it expects its production for the 2023 financial year to be in line with production achieved in the 2022 financial year.

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