Centamin PLC announce a final dividend of 5 US cents per share

DividendMax Ltd.

Centamin PLC announce a final dividend of 5 US cents per share

A final dividend in respect of the year ended 31 December 2021 of 5 US cents per share, totalling approximately US$57.8 million has been proposed by the Centamin PLC Board of Directors and is subject to shareholder approval at the annual general meeting on 10 May 2022. These financial statements do not reflect the dividend payable.

As announced on 9 January 2017, the update to the Company's dividend policy sets a minimum payout level relative to cash flow while considering the financial condition of, and outlook for, the Company. When determining the amount to be paid, the Board will take into consideration the underlying profitability of the Company and significant known or expected funding commitments. Specifically, the Board will aim to approve an annual dividend of at least 30% of the Company's net cash flow after sustaining capital costs and following the payment of profit share due to the government of Egypt.

Other financial highlights include:

New safety record at Sukari Gold Mine ("Sukari") achieving 5.2 million hours LTI free

Revenue of US$733 million, generated from gold sales of 407,252 oz at an average realised gold price of US$1,797/oz sold 

Adjusted EBITDA of US$329 million, at a 45% margin

Profit before tax of US$154 million, including accelerated amortisation for the period  

Basic earnings per share ("EPS") of 8.8 US cents per share 

US$27 million of gross cost-savings in 2021, for a cumulative US$71 million delivered of the US$150 million cost-saving target by 2024

Strong balance sheet with no debt or hedging, and cash and liquid assets of US$257 million, as at 31 December 2021 

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