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Financial|Logistics|Mining
financial|logistics|mining

ARM warns of lower earnings on lower prices, production and logistics challenges

24th August 2023

By: Creamer Media Reporter

     

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Diversified mining and minerals company African Rainbow Minerals (ARM) expects to report an 18% to 27% year-on-year decrease in headline earnings to between R8.28-billion and R9.3-billion for the financial year ended June 30.

That compares with headline earnings of R11.34-billion reported for the 2022 financial year.

Headline earnings a share are expected to decrease to between R42.25 and R47.45, compared with the R57.87 a share reported for the prior financial year.

Basic earnings, meanwhile, are expected to decrease by between 33% and 42% to between R7.21-billion and R8.33-billion, compared with R12.43-billion in the prior comparable period.

Basic earnings a share are expected to decrease to between R36.79 and R42.50, from R63.43 in the 2022 financial year.

ARM attributes the decrease in headline earnings to lower commodity prices, lower production and sales volumes largely owing to logistics challenges, resulting in unit costs increasing by more than already elevated cost inflation.

The adverse impact on earnings was partially mitigated by the weaker rand against the dollar.

ARM will publish its results on September 4.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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