Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Barrick Gold CEO Aaron Regent (STRINGER/CANADA/Adrien Veczan/REUTERS)
Barrick Gold CEO Aaron Regent (STRINGER/CANADA/Adrien Veczan/REUTERS)

Barrick sees profit surge, hikes dividend Add to ...

Barrick Gold Corp. said Thursday its second-quarter profit rose 59 per cent, as record gold prices helped boost results and prompted the world's largest gold miner to raise its dividend by 20 per cent.

Net income in the quarter ended June 30 came to $783-million (U.S.), or 79 cents a share, compared with a year-earlier profit of $492-million, or 56 cents a share.

Read about dividend stocks:

  • Dividends rise and shine amid recession
  • How to find funds that deliver steady income
  • Payout ratio: A key tool for dividend sleuthing
  • That sweet spot: Reliable returns, just a little risk
  • Related contentFive fixes for yield-starved investors

Excluding items, the company reported earnings of $759-million, or 77 cents a share, up from $431-million, or 49 cents a share, a year earlier.

Quarterly revenue rose 34 per cent to $2.64-billion, helped by increased production and a higher average realized gold price.

Gold, which rose to a record high of more than $1,260 an ounce in June, averaged nearly $1,200 an ounce in the quarter - up about 8 per cent from the previous quarter and nearly 30 per cent above year-earlier levels.

Barrick's board also authorized a quarterly dividend of 12 cents a share, which translates into an annual dividend of 48 cents a share - 20 per cent above the company's current payout of 40 cents a share.


Report Typo/Error

Follow us on Twitter: @GlobeInvestor

  • Barrick Gold Corp
  • Updated August 16 2:15 PM EDT. Delayed by at least 15 minutes.

More Related to this Story

Next story




Most popular videos »

More from The Globe and Mail

Most popular