Home » Uncategorized » Centamin Interim Dividend Up over 100% As Recovery Continues

Centamin Interim Dividend Up over 100% As Recovery Continues

CENTAMIN CEY After the trauma of Egypts political upheavals following the fall of Mubarak, the return of democracy and then another military takeover, Centamin was unloved by anyone. Its economic future, even its survival was in question but the restoration of stability (if not of democracy)  enabled it to start on what has turned out to be a fairly rapid road to recovery.

Gold production continues to rise with an increase of 30% for the quarter to the 30th June, compared to 2015 and 12% compared to quarter 1 2016. Annual production guidance has been increased from 470,000 oz. to between 520,000 and 540,000 oz. and all in costs have fallen from $900 per oz to between $720 and $750.

Second quarter EBITDA rose by 51%, basic earnings per share by 78% and profit before tax more than quadrupled to $73,379,000 The company is very much debt free and in recognition of the great turn round, the interim dividend is to be more than doubled with a rise from 2015’s 0.97 cents to 2 cents.

A year ago, there appeared to be little immediate hope for Centamin and the share price languished at 53.75p. By the 1st June it had risen to stand at 100p, since when it has rocketed by 70% as recognition of its transformed status, gained ground.

But this is still Egypt and whilst Its present government seems to have a firm hold, it is in a region where terrorism, bombings and internal strife hold sway. Egypt has always managed to remain an oasis of calm, compared to its neighbours but the risks can not be ignored. Subject to that,  could the ride continue to be heady ?

Gem Diamonds GEMD Production in Lesotho has been hit by severe weather including excessive snowfall and severe winds which have affected power supplies, forcing the company to rely on stand by generators.

Looking for Villas & Houses For Sale In Greece – visit;   http://www.hiddengreece.net

Leave a comment

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.