Harmony Gold to achieve its 2023 production and cost guidance
Johannesburg – Harmony Gold Mining Company has announce its financial and operating results for the six-month period ended 31 December 2022 (“H1FY23”).
- 36% increase in net profit to R1.9bn (US$108m) from R1.4bn (US$96m)
- 6% increase in revenue to R23.3bn (US$1.3bn) from R22.0bn (US$1.5bn)
- 7% increase in production profit to R5.4bn (US$313m) from R5.0bn (US$336m)
- Net debt to earnings before interest, taxes, depreciation and amortisation (“EBITDA”) increased to 0.6x from 0.1x due to the acquisition of Eva Copper in Northern Queensland, Australia
- 18 % increase in headline earnings per share (HEPS) to 293 SA cents (17 US cents) from 248 SA cents (17 US cents)
- 31% increase in earnings per share (EPS)to 298 SA cents (17 US cents) from 227 SA cents (16 US cents)
- No interim dividend was declared due to the allocation of capital towards near-term copper and growth projects.
“Our strategy of allocating growth capital towards high-margin, long-life assets has started to deliver the desired results. Excellent recovered underground grades along with the strong rand-per-kilogram gold price have provided Harmony with good tailwinds. Execution excellence and sustainable mining practices will ensure that we achieve our annual production and cost guidance for the 2023 financial year,” said Peter Steenkamp, chief executive officer of Harmony.
