Harmony Gold’s profit soars 336% to R5.8bn, dividend declared
JOHANNESBURG (miningweekly.com) – The net profit of gold mining company Harmony Gold soared by 336% to R5.6-billion in the six months to the end of December.
The Johannesburg- and New York-listed company, headed by CEO Peter Steenkamp, has added quality ounces to its portfolio, which has been derisked.
“Harmony is no longer a marginal gold producer, but an emerging mining specialist with a diversified portfolio,” said Steenkamp in a Stock Exchange News Services announcement.
Revenue increased by 39% to R21.6-billion from R15.5-billion in the corresponding period of 2019.
The company reported a 69% increase in operating free cash flow margin to 22% from 13% and a 65% increase in production profit to R6.8-billion.
Net debt to earnings is at a low 0.1 times and earnings a share increased by 288% to 966c a share.
Headline earnings a share increased by 211% to 775c a share.
An interim dividend of 110c a share was declared compared with zero dividend in the corresponding period of 2019.
Steenkamp said the performance achieved in the first half of financial year 2021 substantiated the company’s growth strategy set out at the beginning of 2016.
Through acquisitions, the company had successfully added quality ounces to its portfolio. “We’re also seeing a significant improvement in our overall grade and cash flow,” he added.
Harmony Gold said last month that it is on track to meeting its full-year production guidance of between 1.26-million and 1.3-million ounces of gold after having produced 745 347 oz in the six months ended December 31, 2020.
The higher gold production was as a result of the integration of the Mponeng and Mine Waste Solutions assets, as well as the effective measures adopted in preventing and mitigating the impact of Covid-19 and disciplined mining.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation