JSE-listed Thungela Resources’ share price rose by nearly 12% on Friday after it announced that its earnings per share (EPS) for the year ended December 31, would be between R60.32 and R61.27, compared with the loss a share of R5.31 reported for 2020.
Headline earnings per share (HEPS) are expected to be between R65.81 and R66.76, compared with a headline loss a share of R5.31 for the prior period.
Headline earnings for the current period are likely to be between R6.9-billion and R7-billion, compared with a headline loss of R300-million in 2020.
Earnings increased as a result of the increase in revenue driven by the strong price environment for thermal coal in 2021 and higher realised prices achieved by the group.
This has been accompanied by improved cost efficiency across Thungela’s operations, positively impacting the profitability of the group.
The group will release its results for the period by about March 22.