Centamin PLC on Wednesday said interim revenue and profit grew in the first half of the year on strong operating performance and cost management.

The London-based gold producer with interests in Egypt, Burkina Faso and the Ivory Coast said in the six months to June 30, pretax profit grew by 36% to $114.8 million from $84.7 million a year prior.

This was partly attributed to a $4 million foreign exchange gain resulting from the volatility of the recurring volatility of the Egyptian pound.

Revenue for the period was $425.6 million, up 11% from $381.8 million the year before, driven by gold sales of 219,353 ounces at an average realised gold price of $1,936 per ounce.

The company’s earnings before interest, tax, depreciation and amortisation margin is 45%, up by 26% to $193 million from $153 million the year before.

Diluted earnings per share were 7.7 US cents, a 5.5% increase from 7.3 cents in the first half of 2022.

Centamin declared an interim dividend of 2.0 US cents per share, down 20% from 2.5 US cents per share a year prior.

Looking ahead, Centamin said its 2021 guidance is unchanged and on track, expecting gold production to in the range of 450,000 to 480,000 ounces per year.

Chief Executive Officer Martin Horgan said: ‘This marks Centamin’s third consecutive six-month period of improved Ebitda, driven by our focus on operating performance and cost management, whilst also benefiting from an improved gold price. This has enabled us both to continue investing in our portfolio and to distribute returns to our stakeholders.

‘Our operational track record and strong balance sheet put Centamin in a robust position to deliver the next stage of growth.’

Centamin shares are 4.7% higher at 97.90 pence each in London on Wednesday morning.

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