The group improved from last year's loss after tax of $122.8m. As a result, Pan African Resources declared a dividend of 2.24cents a share after it passed on paying a dividend last year.
The group was also boosted by a surge in the price of gold and a 27percent reduction in the all-in sustaining cost an ounce to $988/oz compared to $1358/oz last year.
Chief executive Cobus Loots said it was a pivotal year for the group as it had successfully repositioned their operations as one of South Africa's lowest cost gold producers, focused on delivering safe and profitable ounces from Evander and Barberton.
“Our all-in sustaining cost per ounce was reduced by 27.2percent to $988/oz. Underpinning our strong operating performance - and the delivery of 172442oz to exceed our production guidance - is our commitment to safety and fostering a culture focused on creating sustainable value for all our stakeholders,” Loots said.