https://www.miningweekly.com
Financial|Resources|Environmental
Financial|Resources|Environmental
financial|resources|environmental

Merafe’s shares rise on higher earnings expectations

4th March 2024

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

The share price of JSE-listed Merafe Resources increased by more than 15% on the morning of March 4, after the company informed shareholders that it was likely to report higher earnings for the financial year ended December 31, 2023.

Merafe expects to report a 14% to 34% increase in basic earnings per share (EPS) to between 64.5c and 75.7c for the year, compared with EPS of 56.4c apiece for the prior comparative period.

It also expects headline earnings per share (HEPS) to increase by 4% to 24% to between 58.7c and 69.9c for the period under review, compared with HEPS of 56.4c in the prior year.

Merafe attributes the expected increase in EPS and HEPS primarily to a weaker rand:dollar exchange rate, higher chrome ore sales volumes and higher realised prices owing to market dynamics.

Cash and cash equivalents as at December 31 are expected to be R1.66-billion, compared with R1.6-billion as at June 30, 2023.

Cash and cash equivalents for the period under review comprised cash held by Merafe of R697-million and R959-million, which is its balance in the Glencore-Merafe chrome venture.

Included in the cash held by the venture is cash set aside to fund future environmental rehabilitation obligations, with Merafe’s share of this being R328-million.

Merafe expects to release its results for the period on or before March 18.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 21 June 2024
Magazine round up | 21 June 2024
21st June 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.153 0.187s - 92pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: