Randgold Posts Stronger-Than-Expected Rise in Full-Year Profits

Randgold Resources (GOLD) - Get Report , the biggest gold producer on the London Stock Exchange, posted a stronger-than-expected rise in full-year profit and boosted its annual dividend by more than 50%.

Randgold said its net profit for the fourth quarter of 2016 came in at $94.3 million, a 74.35% increase from the same three-month period last year. Full-year profits increased 38% to $294.22 billion. The South Africa-based group will increase its dividend 52% to $1 per share, paid in cash.

Randgold shares rose more than 4% in early London trading to change hands at 7,140 pence each, making it the top gainer in European and extending its three-month advance to 5% against a 6.06% decline in cash gold prices.