Gold miner Perseus reports record financial performance in FY23 as net income up 70%
Thu Aug 31 2023
Africa-focused gold producer Perseus Mining (ASX: PRU) (TSX: PRU) announced on Thursday that the company delivered record operational and financial performance for the year ending 30 June 2023 (FY23).
Perseus said that combined, its three West African gold mines are producing above the company’s targeted rate of production with record 535,281 ounces of gold produced in FY23, at a weighted average all-in site cost of US$959 per ounce (FY22: US$952 per ounce), “a cost that is very competitive when compared to most of our global peers.”
The company reported FY23 revenue of A$1.426 billion (up 27% year-on-year), EBITDA of A$821.3 million (up 46%) and profit before tax of A$568.8 million (up 103%).
Importantly, the company recorded a net profit after tax of A$476.7 million for the year, up 70% compared to a profit after tax of A$279.9 million in the previous financial year.
The company said that its significantly improved financial performance was primarily due to higher gold prices, higher gold production arising from increased production at Edikan and sustained strong performance from Yaouré, competitive all-in site cost, as well as other factors.
Perseus also announced that its Board has declared a FY23 final dividend of 2.48 Australian cents per share (~A$33.9M). Including the HY23 interim dividend, this equates to a 2% annual yield, or 3.54 Australian cents per share (~A$48.4M).
Commenting on the results, Managing Director and CEO Jeff Quartermaine said that the company’s record financial performance in FY23 “reflects our continued strong operating performance at all levels of our business.”
“Our strong financial results have enabled us to add a bonus dividend to our final dividend for FY23, bringing our full year dividend yield to 2%, without materially detracting from our balance sheet or importantly, our ability to fund future growth,” he said.
Perseus Mining is an Australian mining company that currently operates three gold mines in Africa: Edikan in Ghana, and Sissingué and Yaouré in Côte d’Ivoire. Perseus has recently acquired Orca Gold, and now owns 70% of the Meyas Sand gold project in Sudan.
Source: https://www.kitco.com