CAPITAL MARKETS

Gold Road maintains returns despite profit drop

Sales impacted by Gruyere mill issues

Staff reporter
The Gruyere gold mine in WA

The Gruyere gold mine in WA

Revenue of A$274.8 million was about $20 million lower from the sale of 124,335 ounces of gold at an average realised price of $2210 an ounce, compared to $2330/oz in 2020.

EBITDA fell to $120.2 million from $170.6 million, while the margin dropped to 44% from 58%.

Operating cashflow was $89.2 million, while free cashflow was $22.1 million.

Gold Road's full-year net profit after tax was $36.8 million, down from $80.8 million a year earlier.

The company declared a final fully franked dividend of 0.5c per share, taking full-year dividends to 1c per share.

Gold Road remains debt-free and had $131.5 million cash at the end of 2021.

Shares in the company dropped 1.2% to $1.675, giving it a market capitalisation of $1.4 billion.

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