(Alliance News) - Centamin PLC on Thursday reported double-digit growth in profit in 2023 as it delivered on production guidance for the third year in a row.

Shares in Centamin were up 3.8% to 110.00 pence each in London on Thursday.

The Jersey-based gold producer, which has interests in Egypt, Burkina Faso and the Ivory Coast said pretax profit in 2023 rose 14% to USD195.1 million from USD171.0 million in 2022, as revenue increased 13% to USD891.3 million from USD788.4 million.

Gold sold totalled 456,625 ounces, up 4% from 438,638 in 2022. All of Centamin's production is from the Sukhari mine in Egypt, near the Red Sea.

All-in sustaining costs were USD1,205 per ounce sold, which was a 14% improvement on USD1,399 in 2022, while realised gold prices increased 8.6% to USD1,948 per oz from USD1,794.

Centamin declared a 2.0 US cents final dividend, down from 2.5 cents in 2022. This made a total payout of 4.0 cents, down 20% from 5.0 cents last year.

Centamin explained that 2023 was the last full-year of its "operational reset plan" with investments made at its Sukhari mine, as it looks to "unlock" the full potential of its portfolio.

Centamin said it was at "an inflection point that will soon see us rewarded for the multi-year investment programme, with stronger free cash flow enabling us to deliver that growth while maintaining our track record of dividend payments."

Commenting on the results, Chief Executive Martin Horgan said: "2023 is the third consecutive year that we have safely delivered on our production guidance, reflecting the operational improvements and flexibility from our three-year reinvestment plan. Despite ongoing local inflationary pressures, we reduced our AISC by USD194 per oz versus 2022, beating the lower end of our guidance range."

Centamin left guidance for 2024 unchanged.

Gold production is seen between 470,000 to 500,000 ounces, with a minor weighting towards the second half. The all-in sustaining costs guidance is USD1,200 to USD1,350 per gold ounce sold.

By Jeremy Cutler, Alliance News reporter

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