Pan African Resources PLC's (PAF’s) is an African-focused mid-tier gold producer, H124 results were released on 14 February, with earnings (and headline earnings) within 1.5% of Edison Group's forecast and normalised headline earnings within 1.2% of their forecast (see Exhibit 4). While only one asset (BTRP) achieved record adjusted EBITDA, PAF’s three other main assets all recorded adjusted EBITDA numbers that were close to record levels in rand terms to result in a record adjusted EBITDA outcome for the group as a whole of ZAR1,512.6m – 20.2% above H222 and a comfortable 19.6% above the next highest number, of ZAR1,264.8m, set in H122.
20 February 2024
2d5ad2e47b2dc95eab1e878088a79bd2
.pdf
Download PDF • 502KB
