DRDGOLD expects increase in earnings in FY 2023
DRDGOLD, a South African gold producer that recovers gold from the retreatment of surface tailings, reported yesterday it expects to announce increase in earnings for the year ended 30 June 2023 (FY2023).
The company said it expects earnings per share (EPS) of between 142.5 cents and 155.7 cents per share in FY2023 compared to 131.2 cents for the year ended 30 June 2022 (FY2022), being an increase of between 9% and 19%.
Headline earnings per share (HEPS) are expected to be between 141.7 cents and 154.7 cents per share compared to 130.7 cents per share for FY2022, being an increase of between 8% and 18%.
The company said that expected increases in EPS and HEPS for FY2023 compared to FY2022 is mainly due to a 16% increase in the Rand gold price received as well as a 21% increase in yield to 0.227g/t from 0.188g/t to make up for a 5% decrease in gold sold to 3,936kg (FY2022: 4,139kg).
DRDGOLD comprises two subsidiaries: Ergo located some 50km east of Johannesburg in Brakpan; and Far West Gold Recoveries (FWGR) near Carletonville, west of Johannesburg. Ergo is a surface gold retreatment operation which treats old slime dams and sand dumps to the south of Johannesburg’s central business district as well as the East and Central Rand goldfields. FWGR is a surface gold retreatment operation and treats old slime dams in the West Rand goldfields.
