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Pan African Resources expects sharp profit rise on strong revenue

Wed, 08th Sep 2021 09:12

(Alliance News) - Pan African Resources PLC on Wednesday said it expects to report a double digit rise in profit for its recently ended financial year, on the back of stronger gold sales at a better average price.

For the year ended June 30, the Africa-focused gold miner said it expects basic earnings per share to come in the range of 3.76 and 4.10 US cents, a 63% to 78% increase from 2.30 cents the year before.

In addition, headline earnings per share is set to come in the same range, but marking a 64% to 79% rise from 2.29 cents the prior year.

Pan African said the improved earnings is due to gold and other revenue rising 35% year-on-year to USD368.9 million from USD273.7 million, mainly due to a 12% increase in gold sold to 201,777 ounces, and a 16% rise in the average gold price to USD1,821 per ounce.

Pan African Resources will publish its annual results on Wednesday next week.

Shares in Pan African Resources were down 0.4% at 16.79 pence on Wednesday in London, while its Johannesburg shares were 3.5% lower at ZAR3.28.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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