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a 25% increase in profit in 2023 thanks to higher gold sales at soaring prices for the precious metal.
Bullion prices climbed 15% in 2023, ending at $2,078.4 an ounce, a record high year-end figure, according to. The average 2023 price of $1,940.54 an ounce was 8% higher than the 2022 average, marking the metals’ best year since 2020. The company cut its payout to shareholders to 2 US cents, down from 2.5 US cents it handed in 2022. This made a total payout of 4 cents, down 20% from 5 cents the previous year.. He also anticipated a reduction in operational expenses following the establishment of solar power generation capabilities.
Centamin highlighted a grid connection project that it kicked off last year, thanks to recent upgrades to Egypt’s power distribution infrastructure. The completion of this project, which would be supplemented with the existing onsite solar power generation, is expected to cut $41 million a year just in diesel costs.
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