(Reuters) – Sasol Ltd’s (SOLJ.J) core revenue for the six months ended Dec. 31 had tripled, the South African chemical substances and gas producer reported on Monday, boosted by a surge in crude oil and chemical substances costs.
It’s core headline earnings per share (HEPS), which strips off some objects because of the effect of non-recurring prices and the impact of hedging, rose to 22.52 rand, from 7.86 rand posted in the identical interval a yr earlier.
Without the one-off objects, HEPS – the primary measure of company revenue in South Africa – fell by 21% on a year-on-year foundation.
Battling large debt, the world’s high producer of motor gas from coal confronted a heavy blow in 2020 when the pandemic noticed gas demand and chemical substances costs plummet. The corporate’s shares tanked and traders wrote off the corporate as being on the point of chapter.
However, a slew of restructuring efforts coupled with restoration in gas demand turned the corporate round, making it among the finest performing shares on the Johannesburg Inventory Alternate.
Sasol’s money reserves at finish of December was at 91 billion rand (around $5.7 billion), nicely above its plan to keep up money in extra of a billion {dollars}, the corporate mentioned, including that it is going to be capable of meet an impressive debt cost obligation triggering in August and November.
The corporate determined to not declare a dividend.
($1 = 15.0695 rand)
