Earnings watch: Centamin reports 2Q2022 results
EARNINGS WATCH-
Gold miner Centamin’s revenues rose 17% y-o-y in 2Q2022 to USD 207.2 mn, with revenues brought up due to higher gold sales and a marginally higher realized gold price, according to its earnings statement (pdf).
Centamin-operated Sukkari gold mine in Egypt saw a good quarter: Production at Sukkari for 2Q 2022 rose 11% y-o-y. Centamin received USD 13.0 mn in profitshare payments from Sukkari, but the group recorded a USD 2.4 mn negative cashflow after profitshare distribution “due to the continued investment in waste stripping and other capital projects.”
What they said: “Sukkari delivered the planned increase in production during Q2 2022 and we remain on track to meet full year production and cost guidance. Q2 2022 was the first full quarter of underground owner operations at Sukari following the transition from contractor operations during Q1 2022 and the Sukari team delivered significant improvements in both productivity and costs,” Centamin CEO Martin Horgan said.
The EGX30 rose 0.9% at today’s close on turnover of EGP 896 mn (7.7% above the 90-day average). Local investors were net buyers. The index is down 23.7% YTD.
In the green: Ibn Sina Pharma (+6.8%), Fawry (+6.3%) and e-Finance (+6.2%).
In the red: EFG Hermes (-2.2%), Orascom Development Egypt (-1.1%) and Eastern Company (-1.0%).