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Centamin posts profit after tax of $72.5M for 2022 as its gold production in Egypt up 6%

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(Kitco News) - Gold producer Centamin (TSX: CEE) reported today that its Sukari mine in Egypt produced 440,974 ounces of gold in 2022, a 6% increase on 2021 and in line with guidance.

The company also reported 2022 profit before tax of $171 million and profit after tax of $72.5 million (2021: profit after tax of $101.5 million), with basic earnings per share of 6.29 US cents per share.

Centamin said that its Board has proposed a final dividend of 2.5 US cents per share, equating to $29 million to be distributed to shareholders, subject to shareholder approval at the annual general meeting on 23 May 2023, bringing total distribution to shareholders for full year 2022 to $58 million.

In 2023, the company expects to produce between 450,000 and 480,000 ounces of gold; cash cost guidance range is $840-990/oz produced and all-in sustaining cost guidance range of $1,250-1,400/oz sold, similar to the 2022 levels despite global inflationary pressures including higher fuel prices.

Centamin said it remains on track to consistently return Sukari to production levels towards 500,000 ounces per annum from 2024.

Centamin's flagship asset is the Sukari gold mine, Egypt's largest and first modern gold mine, as well as one of the world's largest producing mines. Since production began in 2009 Sukari has produced circa 5 million ounces of gold, and today has a projected mine life of 12 years.

In addition, Centamin is advancing an active pipeline of future growth prospects, including the Doropo project in C├┤te d'Ivoire, and approximately 3,000km2 of prospective exploration ground in Egypt's Arabian Nubian Shield.

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