Perseus Mining Reports Strong Financial Performance
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Perseus Mining Delivers Record Financial Results
Perseus Mining Limited, a prominent African-focused gold producer, has released its Annual Report for the financial year ending June 30, which includes its Annual Financial Report and Sustainable Development Report.
Financial Highlights of Perseus Mining
The company has shown remarkable financial performance, achieving a revenue of US$1.026 billion, marking a 7% increase from the previous year. Perseus recorded Earnings before interest, tax, depreciation, and amortisation (EBITDA) of US$625.2 million, indicating a 13% rise. Furthermore, the Profit after tax stood at US$364.8 million, up 14% compared to the last financial year.
Strong Earnings and Shareholder Returns
Basic earnings per share increased to US$0.236, representing a 12% growth. The annual earnings yield is 13.3%, and the price-to-earnings (P/E) ratio is currently 7.5. Financial strategies have allowed the company to invest US$100 million into an on-market share buy-back program scheduled over the coming year.
Strong Cash Position and Dividends
Perseus Mining maintains a robust balance sheet, with net cash flow from operating activities totaling US$429.2 million. The company enjoys a solid cash position of US$587 million with zero debt, allowing it to declare a final dividend of A$0.0375 per share, culminating in a total dividend yield of 2.1% for FY24.
Sustainability Performance and Community Contributions
In addition to its financial success, Perseus Mining emphasizes its sustainable development practices and community investments. The company contributed approximately US$717 million to the economies of its host countries, Ghana and Côte d'Ivoire, signaling its commitment to local development.
Workforce and Employment Initiatives
Perseus successfully achieved 96% local employment within its operations and maintained an impressive 89% rate of local procurement, underscoring its dedication to supporting local businesses and communities.
Safety and Environmental Metrics
The group has also improved its Total Recordable Injury Frequency Rate (TRIFR) to 1.06. Efforts are ongoing to ensure environmental sustainability, recorded as zero significant incidents throughout the year while emissions remain relatively stable.
Future Development and Growth Projects
The company is currently focused on several key projects aimed at enhancing its gold production capabilities, including the Nyanzaga Gold Project in Tanzania and the CMA Underground Project in Côte d’Ivoire. These initiatives are part of Perseus's strategy to improve asset quality and drive future growth.
Aligning Capital Returns with Growth Investments
Chairman and CEO Jeff Quartermaine stated that maintaining a balance between rewarding shareholders and investing in future growth is essential. The calculated approach ensures that significant funds are directed towards sustaining operational excellence while meeting stakeholders' expectations.
Outlook for Perseus Mining
For the remainder of the financial year, Perseus has reiterated its gold production and all-in site cost guidance. As the company navigates market dynamics, its strategic focus remains cleverly aligned to withstand changes and leverage opportunities as they arise.
Commitment to Health and Safety
Looking ahead, Perseus Mining will continue to enhance its health and safety protocols, emphasizing the management of critical risks associated with operations and contractor engagements to maintain a safe work environment for all employees.
Investment in Community and Environmental Initiatives
The board has also made clear its intent to invest in community initiatives and environmental stewardship, championing sustainable practices that comply with global environmental standards while delivering positive impacts locally.
Frequently Asked Questions
What financial performance did Perseus Mining achieve in FY24?
Perseus Mining recorded a revenue of US$1.026 billion, a 7% increase, with profit after tax reaching US$364.8 million, up by 14%.
How much dividend did Perseus declare for shareholders?
The company declared a final dividend of A$0.0375 per share, leading to a total dividend of A$0.05 per share for FY24.
What are Perseus Mining's sustainability achievements?
Perseus Mining contributed approximately US$717 million to local economies, achieved a local employment rate of 96%, and maintained an improved safety performance with a TRIFR of 1.06.
What projects is Perseus Mining focused on for future growth?
Current projects include the Nyanzaga Gold Project in Tanzania and the CMA Underground Project in Côte d'Ivoire, aimed at enhancing overall production and asset quality.
How does Perseus Mining plan to balance shareholder returns and capital investment?
Perseus Mining plans to implement a share buy-back program worth up to $100 million while also directing funds towards growth initiatives to ensure long-term sustainability.
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