How is it doing
The South Africa-based gold miner also reaffirmed its forecast that production would rise to 185,000oz in 2020.
Cobus Loots, chief executive, described last year as pivotal for the group,
“We successfully repositioned our operations as one of South Africa’s lowest-cost gold producers, focused on delivering safe and profitable ounces from our Evander and Barberton operations.
Revenues over the year rose by 49% to US$217mln, while profits after tax came in at US$38mln compared to a loss US$123mln last time.
Pan African’s numbers were helped by a surge in the price of gold and a 27% reduction in the all-in sustaining cost per ounce to US$988/oz (2018:US$1,358/oz).
The final dividend was 0.1266p per share.
“We enter the new financial year with confidence, a firm grasp on our cost base, and in a good position to benefit from the current gold price environment,” Loots added.
What the broker says: Shore Capital
Shore Capital said the numbers for 2019 were asgood as expected.
"2019 proved a much better year financially than 2018. Revenue was significantly up, so were profits - operating and profit after tax came in at US$48.5m and US$38.0m, respectively."
- Production hits its target of 185,000oz this year
- Gold price remains high
- Dividend rises as debt is paid down