Gold Road profit up 81.7pc

Gold Road Resources' full-year net profit after tax rose by 81.7 per cent for the 2023 financial year, from $63.7 million to $115.7 million, on the back of a higher gross profit from the company's flagship Gruyere goldmine in the Goldfields.

Gruyere, a 50:50 joint venture between Gold Road and South Africa-based Gold Fields, produced an annual record 321,984 ounces of gold throughout 2023, which was up from 314, 647oz during the prior corresponding period. 

Despite this, the Duncan Gibbs-backed company produced 74,659oz during its December 2023 quarter, which was down from 88,668oz in the September quarter, due to unexpected labour issues, with delays accessing higher grade ore within its open pit.

This fall resulted in Gruyere's annual mark of 321,984oz hitting the lower end of the company's 2023 full-year production guidance target of 320,000-350,000oz. 

As it stands, the company's 2024 annual production guidance has been earmarked at between 300,000oz and 335,000oz. 

Gold Road's revenue also climbed by 23.3 per cent to $472.1 million from $382.9 million during the prior corresponding period, while its earnings before tax, interest, depreciation and amortisation grew by 38.3 per cent to $250.1 million (from $180.8 million).

The West Perth-based company's EBITDA margin of 53 per cent also added 6 per cent from 2022. 

Gold Road's board has declared an interim dividend of 1 cent per share, fully franked, for the six months up until December 31 2023, which will be paid on April 2. It also follows on from the 1.2 cent fully franked dividend paid for the six months leading up to June 30 2023. 

The company last traded at $1.43 per share, up 2 per cent, as of 12.45pm AWST.