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Gold Fields : Swings to Profit in 2016, Raises Dividend

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02/16/2017 | 06:56am CET
   By Alexandra Wexler 
 

JOHANNESBURG--South African mining company Gold Fields Ltd. (GFI.JO) declared a higher dividend after swinging to a profit in 2016 on higher gold prices and weaker emerging-market currencies.

The world's eighth-largest producer of the precious metal reported a profit of $162.8 million for the 12 months ended December, reversing from a loss of $242.1 million in 2015. The company's headline earnings per share, which strip out certain exceptional and one-off items, came in at 26 cents in 2016 from a headline loss of 4 cents a share in 2015.

Gold Fields said it would pay a second-half dividend of 60 South African rand cents a share, up from a dividend of ZAR0.40 a share in the January-to-June period for a total dividend of ZAR1.10 in 2016. In 2015, the total dividend paid was ZAR0.25.

For 2016, revenue rose 8% from the previous year to $2.75 billion.

Shares of the company on the Johannesburg Stock Exchange are up 3.6% year-to-date, but down 32% over the past 12 months. Gold futures on the other hand have risen 7.3% in 2017, but are essentially flat over the past year at about $1,236 an ounce. Gold Fields restructured its business in 2012 and 2013 to cope with a lower gold price.

Write to Alexandra Wexler at [email protected]

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