Anglo American Platinum has released a trading update for the six months to 30 June 2024
18 July, 2024
Anglo American Platinum will release its results for the six months ended 30 June 2024 (“the period”) on the Johannesburg Stock Exchange News Service on 22 July 2024.
In accordance with section 3.4(b) of the JSE Limited Listings Requirements, shareholders are advised that headline earnings and headline earnings per share (“HEPS”) for the period are expected to decrease by between 15% and 25% compared to the six months ended 30 June 2023 (the “prior period”). Headline earnings are likely to decrease to between R5.9 billion and R6.7 billion (R7.9 billion in H1 2023) and HEPS is expected to be between 2,242 cents per share and 2,546 cents per share (2,984 cents per share in H1 2023). Basic earnings and earnings per share (“EPS”) for the period are anticipated to be between 15% and 25% lower compared to the prior period. Basic earnings are likely to be between R5.8 billion and R6.6 billion (R7.7 billion in H1 2023) and EPS is expected to be between 2,204 cents per share and 2,508 cents per share (2,940 cents per share in H1 2023).
Earnings have decreased for the year largely due to a 24% lower realised ZAR PGM basket price relative to H1 2023. The main contributors to this were declines in the palladium and rhodium US$ prices, which were 34% and 49% lower respectively. The decrease in revenue as a result of prices was partially offset by a 9% increase in PGM sales volumes compared to the prior period due to higher refined production and a draw down in finished goods. Furthermore, we have delivered cost savings in the first half of the year in line with our cost out programme.
The financial information on which this trading statement is based is under review by the Company's external auditors.
Sponsor:
Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities