By:Proactiveinvestors

Pan African Resources Plc (PAF.L), a Gold producer in Africa, on Wednesday reported an increase in earnings and revenue for the full year, supported by a rise in Gold sales.

Cobus Loots, CEO of Pan African, said: "We find ourselves in a very favourable Gold price environment, with the metal appreciating by more than 20% in US$ terms in the past year, and generally positive sentiment on its near-term prospects. However, we also recognise that, although fortuitous, the commodity price tailwinds may not last indefinitely."

For the 12-month period to June 30, the company reported a profit of $78.8 million or 4.14 cents per share, higher than restated $60.5 million or 3.18 cents per share, registered last year.

Headline earnings stood at $79.5 million or 4.15 cents per share, compared with restated $60.2 million or 3.14 cents per share in 2023.

Revenue was $373.8 million, up from prior year's restated $319.9 million.