Sasol posts 13% rise in annual profit

23rd August 2023

By: Reuters


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South African petrochemicals major Sasol posted a 13% rise in annual profit on Wednesday as better operations in the second half offset the impact of weaker crude prices.

The company said its headline earnings per share (HEPS), a profit measure, was 53.75 South African cents for the 12 months ended on June 30, up from 47.58 cents posted a year ago.

Its basic earnings per share, which includes one-off costs, was down by over three-fourths, however, on account of a huge impairment at its flagship plant.

The world's biggest producer of fuel products and chemicals from coal and natural gas last week announced a R35-billion impairment charge at its biggest facility Secunda on account of higher interest rates and emission reduction costs.

This impairment comes amid the company's efforts to become more environmentally friendly and reduce its carbon footprint to meet its 2050 net zero commitment.

Edited by Reuters


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