Equity Analysis /
United Kingdom

GB : Centamin - FY21 profits behind, divi in-line; FY22 divi minimum ahead of our expectations

    Tom Price
    Tom Price

    Analyst - Strategy, Accounting and Sustainability

    Contributors
    Yuen Low
    Ben Davis
    CGS-CIMB
    25 March 2022
    Published by

    Centamin reported lower FY21 profits than we were expecting, due to higher costs: cash costs and AISC (all-in sustaining costs) were revised upwards from that reported in January; depreciation and corporate costs were higher than we had modelled; and Batie West was fully written down. On the bright side, the balance sheet remains strong, the final divi was in-line and Centamin is committing to a minimum US$0.05/shr divi for FY22 (rather more generous than the US$0.026/shr we had modelled).