Cairo – Mubasher: Centamin Plc reported 221% higher pretax profits, logging $191.14 million in the first half (H1) of 2020, compared to $59.62 million in the year-ago period.

The profit growth was ascribed to higher output from its Sukari mine in Egypt and an increase in gold prices on the back of rising demand for the precious metal amid the coronavirus (COVID-19) crisis, according to a statement on Tuesday.

Meanwhile, the gold miner’s revenues surged by 56% year-on-year (YoY) to $448.75 million in the January-June period from $288.13 million in the corresponding period a year earlier.

Gold output grew by 9% YoY to 256,084 ounces in H1-20, while the volume of sales increased by 21% YoY to 270,529 ounces.

The company’s board also revealed a second interim dividend of six cents per share.

Moreover, the company is still on course to meet its production outlook of between 510,000 ounces and 525,000 ounces of gold and cost outlook of $630-680 per ounce produced in cash costs in 2020.