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Randgold reports 53% rise in H1 profit, cash pile mounts

Despite the payment of the 2016 dividend of $94 million.

African gold miner Randgold on Thursday reported a 53% rise in half-year profit and said its cash pile rose 11% to $572.8 million.

The company, with operations in Cote d’Ivoire, Democratic Republic of Congo, Mali and Senegal, has stood out for its lack of debt and continued strength even when other miners struggled during the commodities downturn of 2015-16.

This year, however, it reported falls in first quarter profit and production following labour strikes.

Thursday’s results signalled the company was still on track.

“At this stage the outlook is positive, and Randgold is trending towards the top end of its 2017 production guidance range at a total cash cost below $600 per ounce,” chief executive Mark Bristow said in a statement.

Total cash costs per ounce fell by 13% from a year earlier, while earnings per share of 89 cents were ahead of a consensus of 77 cents, analysts said.

The results highlighted the company’s ability “to deliver incremental production and cost improvements, supporting further dividend growth,” BMO Capital Markets said in a note. It holds an “outperform” rating on Randgold.

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