AUS
NZ
UK
CA
USA
IND
Highlights
- Despite slightly lower production in FY24, PRU’s revenue rose 7% YoY to USD 1.03 billion due to higher gold prices.
- Profit after tax surged 14% YoY to USD 364.8 million in FY24.
- The board declared interim dividend of 3.75 cents per share, totalling AUD 51.5 million.
- in FY25, the company expects gold production of 220,000–260,000 ounces at AISC of USD 1,230–1,330 per ounce.
Perseus Mining Limited (ASX:PRU) is a gold production company, engaged in discovering, acquiring and developing assets in Africa. In West Africa, the company operates three mines, and also undertakes mineral exploration and evaluation activities in the region.
In the financial year 2024 (FY24), although production at Edikan and Yaoure was slightly lower, revenue still increased by 7% YoY to USD 1.03 billion, largely due to higher gold prices. Moreover, in FY24, cost of sales fell because of reduction in production, and this was partially offset by a surge in cash operating costs.
During the reported period, profit after tax increased by 14% YoY to USD 364.8 million and operating cash flow jumped 1% YoY to USD 429.2 million.
Given the FY24 financial performance, the board of PRU has announced FY24 dividend of 3.75 cents per share, totalling AUD 51.5 million. With this, total FY24 distribution reached 5 cents per share.
Further, the company announced an intent to conduct on-market share buy-back of AUD 100 million, to commence on 24 October 2024, expected to be concluded in 12 months.
Recent investments
Through an ASX update dated 6 September 2024, the company notified that it has increased its relevant interest in the issued capital of Predictive Discovery Limited (ASX:PDI) to 19.9%. To fund the transaction, the company used the proceeds from unwinding its previously announced cash-settled equity swap position in Predictive.
Outlook
In the first half of FY25 ended 31 December 2024, the company expects to record gold production in the range of 220,000 – 260,000 ounces at an expected AISC of USD 1,230 – 1,330 per ounce.
The focus is on boosting production from its existing operations, especially from the Yaoure and Edikan mines. Moreover, PRU is actively exploring further projects and opportunities for growth.
Share performance of PRU
PRU shares closed at AUD 2.54 apiece on 8 October 2024. PRU’s share price surged by 57.76% over the last year, and by 3.67% in the past three months.
52-week high of PRU is AUD 2.81, recorded on 17 July 2024, and 52-week low is AUD 1.56, recorded on 13 October 2023.
PRU Daily Technical Chart, Source: EODHD/Others
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 08 October 2024. The reference data in this report has been partly sourced from EODHD/Others.
Disclaimer
This article has been prepared by Kalkine Media, echoed on the website kalkinemedia.com/au and associated pages, based on the information obtained and collated from the subscription reports prepared by Kalkine Pty. Ltd. [ABN 34 154 808 312; AFSL no. 425376] on Kalkine.com.au (and associated pages). The principal purpose of the content is to provide factual information only for educational purposes. None of the content in this article, including any news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations, and video is or is intended to be, advisory in nature. The content does not contain or imply any recommendation or opinion intended to influence your financial decisions, including but not limited to, in respect of any particular security, transaction, or investment strategy, and must not be relied upon by you as such. The content is provided without any express or implied warranties of any kind. Kalkine Media, and its related bodies corporate, agents, and employees (Kalkine Group) cannot and do not warrant the accuracy, completeness, timeliness, merchantability, or fitness for a particular purpose of the content or the website, and to the extent permitted by law, Kalkine Group hereby disclaims any and all such express or implied warranties. Kalkine Group shall NOT be held liable for any investment or trading losses you may incur by using the information shared on our website.
