Pan African lifts earnings 33%, dividend declared
London- and Johannesburg-listed precious metals junior Pan African has increased earnings with a proposed divi-dend and a solid performance from both major operations, the company said last week.
The group’s gold sold increased by 38.2% to 130 493 oz from 94 449 oz last year and gross revenue increased by 49% to R1.8-billion, compared with R1.2-billion last year.
Pan African is headed by CEO Ron Holding, backed by FD Cobus Loots, formerly of Shanduka Gold, which holds 23.9% of the shares of Pan African.
A dividend of 13c a share was declared with an announced practice going forward of all spare cash going to shareholders.
The company, which will pay out R250-million in dividends, did not declare a dividend in the previous financial year.
Earnings before interest, taxes, depreci-ation and amortisation increased by 33% to R735-million, well up from the R552-million last year.
In the 12 months to end-June, actual earnings rose 35% to R487-million (R359-million in 2012).
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