Centamin Gold Extraction announced on Tuesday the rise in profits for the first half of the year before taxes, supported by the increase in production of its diabetes mine in Egypt and the rise of metal prices due to demand for safe havens in light of the outbreak of the Corona virus.
The company’s stock jumped 1.2 percent to 209.98 pence by 0703 GMT.
Gold prices have risen about 30 percent since the beginning of the year, mainly due to lower interest rates and the application of central banks around the world to wide-ranging stimulus measures to mitigate the economic damage caused by the pandemic.
This gave a boost to mining companies such as Centamin, which have begun to expand.
The company, which recently ended talks with Endeavor Mining on a potential acquisition, said its pre-tax profit increased to $ 191 million for the half-year ended June 30, compared to $ 59.6 million a year earlier.
The company announced a second interim dividend of six cents per share.
The company listed in London said it was still in the process of achieving a target for the entire year production between 510 thousand and 525 thousand ounces (ounce) of gold and a target for costs between 630 and 680 dollars per ounce produced.
Revenue increased 56 percent to $ 449 million in gold sales of 270,529 ounces, up 9 percent year on year.