Harmony Gold reports 26% decrease in production profit

Johannesburg – Harmony Gold Mining Company has announced its financial and operating results for the six-month period ended 31 December 2021.

   –   69% decrease in net profit to R1.4bn (US$96m) from R4.6bn (US$284m)

   –   Revenue increased by 2% to R22.0bn (US$1.5bn) from R21.6bn (US$1.3bn)

   –   50% decrease in operating free cash flow margin to 11% from 22%

   –   26% decrease in production profit to R5.0bn (US$336m) from R6.8bn (US$417m)

   –   Net debt to earnings before interest, taxes, depreciation and amortisation (“EBITDA”) remains at 0.1x

   –   HEPS decreased by 65% to 248 SA cents (17 US cents) from 713 SA cents (44 US cents)

   –   EPS decreased by 70% to 227 SA cents (16 US cents) from 763 SA cents (47 US cents)

   –   Interim dividend of 40 SA cents (approximately 2.7 US cents) per share declared (December 2020: 110 SA cents (approximately 7.5 US cents))

“Our embedded approach to ESG alongside an exciting growth pipeline will ensure Harmony remains well positioned to deliver positive stakeholder and shareholder returns. Our objective remains to produce safe profitable ounces by doing what we have always done – ‘Mining with Purpose’” said Peter Steenkamp, CEO.