07:24 AM EDT, 08/29/2024 (MT Newswires) -- Westgold Resources ( WGXRF ) said late on Wednesday that its net profit for the fiscal year ended June 30 jumped 852% as revenue rose 9%.

The company posted a net profit of A$95 million, or A$0.2011 per share, climbing from A$10 million, or A$0.0211 per share.

Revenue was up to A$716 million from A$657 million, reflecting the 23% increase in the achieved gold price and reduced hedging exposure.

Westgold's EBITDA improved 62% to A$271 million.

Westgold declared a fully franked final dividend of A$0.0125 per share bringing its total dividends for the fiscal year to A$0.0225 per share, a 12% free cash flow payout ratio.

"FY24 was a watershed year for Westgold with the company delivering significant improvement across key financial metrics," Managing Director and CEO Wayne Bramwell said.

"In FY24 Westgold found a balance between investing in our near-term growth options, maintaining balance sheet strength and delivering shareholder returns," Bramwell added.

The company's share price fell 2.6% yesterday to $2.63.