JOHANNESBURG--Sibanye Gold Ltd. (SGBL), the No. 1 producer of gold in South Africa, Thursday reported a significant rise in profit during the first half of the year, thanks to higher gold prices and a weak local currency.
Sibanye made a profit of 333 million South African rand ($23.7 million) during the six months ended June 30, up 85% from the same period in 2015, in line with previously announced guidance. Revenue of ZAR14.71 billion, which was up 44% from the same period last year, beat expectations for revenue of ZAR13.58 billion, according to estimates from Thomson One.
The company, which is based about an hour southwest of Johannesburg, declared a first-half dividend of 85 rand cents a share, up from 10 rand cents a share during the January to June period last year.
A big jump in the rand gold price, which was up 31% in the first half of 2016, averaging ZAR603,427 a kilogram, significantly boosted the company's earnings, Sibanye said. The rand was on average 29% weaker versus the U.S. dollar during the six months ended June 30 from the same period a year earlier. Stronger gold prices, which are up 25% in U.S. dollar terms year-to-date, also underpinned gains.
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