Centamin's profits surge 221% during H1 of 2020

CAIRO – 4 August 2020: Centamin’s profits surged 221 percent during the first half of 2020.

The company said in a statement Tuesday, that it achieved a pre-tax profit of $ 191.14 million, compared to $ 59.62 million in the first half of 2019.

This rise is supported by the increase in the production of Sukari mine in Egypt, and the rise in metal prices due to the demand for safe havens in light of the outbreak of the Corona virus crisis.

The company's revenue during the first half increased to $ 448.75 million, compared to $ 288.13 million in the comparative half of 2019, marking an increase of 56 percent.

The company's production increased during the period by 9 percent to reach 256.08 thousand ounces, noting that the volume of gold sales increased by 21 percent, equivalent to 270.5 thousand ounces.

The company announced a second interim dividend of 6 cents per share.

The company said, it is still in the process of achieving a goal to produce the entire year between 510 thousand and 525 thousand ounces (ounce) of gold and a target for costs between $630 and $680 per ounce produced.