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Mining company Centamin reported a jump in profit after revenue swelled to a record thanks to higher gold prices.
For the year ended 31 December 2020, pre-tax profit grew 82% to US$315.0 million year-on-year as revenue climbed 27% to $828.7 million.
Gold production was down 6% to 452,320 ounces. Record revenue was generated from gold sales of 468,681 ounces at an average realised gold price of US$1,766 per ounce sold, up 26% from a year earlier.
The company reiterated its intention to recommend a minimum 2021 dividend of US$105 million.
The outlook for 2021 was unchanged, with the company targeting production of 400,000 to 430,000 oz, at cash costs of US$800 to 900/oz produced and all in sustainable cost, or AISC, of US$1,150 to 1,250/oz sold.
'Centamin delivered another solid financial performance in 2020, driven primarily by improved commodity pricing, our comprehensive response to COVID-19 and an improvement in operating efficiencies and productivity,' the company said.