Perseus posts 21% increase in interim profit

23rd February 2024 By: Marleny Arnoldi - Deputy Editor Online

Perseus posts 21% increase in interim profit

Perseus chairperson and CEO Jeff Quartermaine
Photo by: Bloomberg

ASX- and TSX-listed Perseus Mining has posted an 18% year-on-year improvement in earnings before interest, taxes, depreciation and amortisation to $280-million, as well as a 21% increase in profit after tax to $164-million for the six months ended December 31.

The company declared an interim dividend of A$0.0125 in the six months under review.

For reference, Perseus’ final dividend for the financial year ended June 30, 2023, amounted to A$0.0248.

Moreover, Perseus generated an operating cash flow of $211-million in the reporting period, while increasing its net tangible assets to $1.3-billion, or $0.94 apiece, which is a 33% increase on net tangible assets per ordinary share of $0.71 apiece in the prior corresponding period.

Interim production amounted to 261 577 oz at an all-in site cost of $979/oz, with the Yaouré mine contributing 134 379 oz, the Sissingué mine contributing 28 551 oz and the Edikan mine contributing 98 647 oz.

The Edikan mine is based in Ghana, while the other two are located in Côte d’Ivoire.

In the prior comparable six months, Perseus produced 261 921 oz, marking a 4% decrease in production in the reporting period.

Encouragingly, the average gold sales price was 13% higher year-on-year at $1 951/oz in the six months under review.

Chairperson and CEO Jeff Quartermaine says gold production and all-in site costs achieved market guidance comfortably, with all-in site costs, in fact, exceeding guidance.

He adds that the company has continued to cement its position as a profitable midtier gold producer that consistently delivers on targets.

Perseus finished the half-year with net cash and bullion on hand of $642-million, not including a $300-million undrawn debt facility.

Perseus remains on track to produce between 491 000 oz and 517 000 oz of gold for the full year endingon June 30 this year.