Image source: © Tashatuvango | Megapixl.com

Highlights

  • Gold miner Centamin PLC (LSE: CEY) specializes in the exploration and development of minerals.
  • In H1 FY23, the firm secured a revenue of USD 425.61 million, 11.5% up from H1FY22.
  • Centamin has announced to pay an interim dividend of US 2.0 cents per share later this month.

FTSE 250 listed Centamin PLC (LSE: CEY) specializes in the exploration and development of minerals. Centamin’s Sukari Gold Mine stands out as the first large-scale modern mine in Egypt with bulk tonnage open pit and underground operation. The production started at the site in 2009.

In the the first half of the year 2023, the gold mining entity secured a revenue of USD 425.61 million. This marks a 11.5% growth in the revenue from USD 381.78 million in H1 FY22. The company suggests that the spike in top-line  was mainly because of higher quantity of gold sold at an increased average realized sales price in the reporting period.

The company reported 83% year on year improvement in LTIFR (Lost Time Injury Frequency Rate) with zero fatalities for the first half of the year 2023. The firm’s Total Recordable Injury Frequency Rate (TRIFR) saw 13% change in H1 FY23. In the reporting period, approximately 96% of the workforce was employed locally. Notably, no sustained zero reportable environmental incidents were reported during H1 FY23. 

Centamin has announced to pay an interim dividend of US 2.0 cents per share later this month. According to the company’s corporate governance policy, there has to be a dividend distribution of at least 30% of free cash flows before capital expenditure to its shareholders.

For the full year period, the total gold production is expected to lie range from 450,000 to 480,000 oz. Centamin’s cash cost guidance is likely to be between USD 840/oz and USD 990/oz for FY23, while its all-in-sustaining costs (AISC) is anticipated to be between USD 1,250/oz and USD 1,400/oz sold.

Top ten shareholders

The top ten shareholders of the company hold 47.28% of the total shareholdings. While Van Eck Associates Corporation holds the maximum number of shares with over 9% shareholding, Aberdeen Standard Investments (Edinburgh) owns around 5.17% shareholding in the firm.

 

Stock Price Performance

The company’s stock price has decreased by over 5.6% in the last three months and has fallen by approximately 10.43% over the last six months. The stock’s 52-week low and 52-week high price stand at GBX 81.40 and 127.60, respectively.

 

 

Please note markets are trading in a highly volatile zone currently due to certain macro-economic and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 15 September 2023. The reference data in this report has been partly sourced from EODHD/Others.