Centamin announces FY20 results
Published by Jessica Casey,
Editor
Global Mining Review,
Centamin has released its full year results for the 12 months ended 31 December 2020.
Martin Horgan, CEO, commented: “Centamin delivered another solid financial performance in 2020, driven primarily by improved commodity pricing, our comprehensive response to COVID-19 and an improvement in operating efficiencies and productivity. I would like to thank our workforce for how they responded to the operating environment in 2020, continuing to deliver results. Centamin generated record revenue of US$829 million, a 54% increase in EBITDA to US$439 million with an EBITDA margin of 53%. Ultimately, the group generated significant free cash flow, of US$142 million, a 91% increase, making it possible to propose and pay dividends attributable to 2020 of US$104 million further demonstrating Centamin’s commitment to delivering returns to our shareholders. We continue to maintain a strong and flexible balance sheet, finishing the year with US$310 million in cash and liquid assets at 31 December 2020.”
Financial highlights
- Record revenue generated of US$829 million from gold sales of 468 681 oz at an average realised gold price of US$1766/oz sold.
- EBITDA of US$439 million, at a 53% EBITDA margin.
- Profit before tax of US$315 million.
- Basic earnings per share (EPS) of 13.5 US cents per share.
- Group free cash flow of US$142 million, after a record of US$199 million was distributed in profit share and royalties to its partner, the Egyptian state.
- US$44 million of gross costs removed, as part of the ongoing US$100 million cost-saving target by 2024.
- Strong balance sheet with no debt or hedging, and cash and liquid assets of US$310 million, as at 31 December 2020.
- The Board has proposed a final dividend of US$0.03 per share, equating to US$34.7 million to be distributed to shareholders, subject to shareholder approval at the annual general meeting on 11 May 2021.
Outlook unchanged
- 2021 gold production of 400 000 to 430 000 oz, at cash costs of US$800 – US$900/oz produced and AISC of US$1150 – US$1250/oz sold.
- The Board reiterates its intention to recommend a minimum 2021 dividend of US$105 million (interim and final).
Read the article online at: https://www.globalminingreview.com/finance-business/22032021/centamin-announces-fy20-results/
You might also like
CR Powered by Epiroc in the Spotlight
In conversation with Phil Sellers, CR Powered by Epiroc’s Head of Americas, Global Mining Review’s Editor, Will Owen, leads a discussion of the company’s role and activities in the mining industry.