Mid-tier African gold producer Perseus increases FY21 net profit by 48%

Perseus Mining has reported its financial results for the year ending June 2021, which have indicated that it has made significant progress towards achieving the goal of becoming a multi-mine, multi-jurisdiction gold producer.

The ASX and TSX-listed firm made a net profit after tax of US$139.4 million for the year, compared to $94.4 million in FY2020 – an increase of 47.6%. The group also recorded EBITDA from operations of $303.1 million – an 11% increase on last year.

Perseus referenced an increase in revenue from higher gold prices and improved gold production over the 12-month period, stemming from increased production at Sissingué and gold output from the newly commissioned Yaouré Gold Mine – both in Côte d’Ivoire.

Gold production from its three mines in West Africa (the Edikan mine is located in Ghana) totalled 328,632 ounces – up 27.6% on FY2020 – at a weighted average all-in site cost of US$1,016 per ounce.

In view of the company’s strong financial performance during the year, the board announced a maiden return of capital to shareholders of 1.50 cents per share. The dividend represents a yield of 1%.

Perseus CEO and managing director Jeff Quartermaine said: “FY2021 has been a transformational year for us, during which we have successfully brought our third gold mine, Yaouré, on stream and as importantly, converted our Group’s strong gold production into improved earnings and cashflow.

“Looking to the future, we expect this trend of improved earnings and cashflow to continue as we close in on our corporate objective of producing more than 500,000 ounces of gold per year, a target that we expect to achieve for the first time in FY2022.”