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Home Africa

Sasol fiscal year profit drops as power outages hit production

FurtherAfrica by FurtherAfrica
August 21, 2018
in Africa, Capital Market, Coal, Credit Rating, Currency, Development, Energy, Finance, Industry, Inflation, Legislation, Natural Resources, Oil, South Africa
Reading Time: 2 mins read
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Nedbank CEO Sees State-Owned Firms as Biggest South African Risk
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Core headline earnings per share (HEPS) for the year ended 30 June fell to R36.03 ($2.46) compared with R38.47 a year earlier.

South African petrochemicals group Sasol said on Monday full-year profit dropped 6%, pulled down by interruptions to production, a stronger rand and employee share-based payment expenses.

Core headline earnings per share (HEPS) for the year ended 30 June fell to R36.03 compared with R38.47 a year earlier. HEPS is the main profit gauge in South Africa, which strips out certain one-off items.

The firm said its financials were affected by unplanned electricity supply interruptions from state-owned power utility Eskom and two internal outages at its Secunda Synfuels and Natref operations that resulted in lower production.

A stronger average rand-to-dollar exchange rate compared with a year earlier also hurt results, Sasol said, while expressing optimism about operations in the coming year.

“2019 will be a defining year for Sasol with the start-up of the LCCP in the US, a catalyst for transforming our earnings profile,” Chief Executive Officer Stephen Cornell said in a statement.

The Lake Charles Chemicals project ethane cracker in North America, which has been hit by delays and rising costs, is about 88% complete and is expected to cost $11.13 billion, the firm said.

Sasol, the world’s top manufacturer of motor fuel from coal, said earnings before interest, tax, depreciation and amortisation (EBITDA) rose 10% to R52 billion.

The difference between core headline earnings and EBITDA was due to depreciation costs of R16 billion and employee share-based payment expenses of R1.5 billion, Sasol said.

The company declared a final dividend of R7.90 per share, up 1.3% year-over-year. That brings its total dividend declared for the period to R12.90 per share, compared with R12.60 per share a year earlier.

Source: Eyewitness News

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Tags: Chief Executive Officer Stephen CornellCoalEBITDAEskomheadline earnings per shareHEPSLake Charles ChemicalsLCCPpetrochemicals grouppower outageprofit dropsSasolSecunda Synfuels and Natref operationsSouth Africaюжная-африкаجنوب-أفريقيا南アフリカ南非
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