Tharisa warns of up to 49.8% drop in basic earnings a share

6th December 2023

By: Darren Parker

Creamer Media Contributing Editor Online


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JSE-listed Tharisa Minerals’ basic earnings per share (EPS) for the financial year ended September 30, on a fully diluted basis, is expected to be between $0.27 and $0.28 with a tolerance of 10%, reflecting a decrease of between 47.9% and 49.8% relative to the EPS of $0.53 reported for the prior financial year. 

This announcement, made on December 6, follows a production update issued in October, wherein Tharisa highlighted lower platinum group metal (PGM) basket prices for the year, but higher chrome concentrate prices.  

At the time, the company also stated that the timeline for its Karo Platinum project development, in Zimbabwe, had been revised as a direct result of weak PGM prices and volatile macroeconomic conditions. The company said that this adjustment aimed to provide flexibility and align with funding availability. 

Tharisa's headline earnings per share (HEPS) for the financial year, also on a fully diluted basis, are expected to be between $0.275 and $0.285 with a tolerance of 10%, indicating a decrease of between 30.7% and 33.1% relative to the HEPS of $0.411 for the previous year. 

The Tharisa board and audit committee affirmed their commitment to the company's existing capital allocation strategy, including its dividend policy of distributing at least 15% of consolidated net profit after tax, and to the Karo Platinum development project. 

The company stated that its results would be released on December 14. 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online


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