Implats sales 12% higher, due consolidation of Bafokeng and operations
Impala Platinum Group expected both basic earnings and headline earnings for the period to be at least 20% lower than those reported for the six months ended 31 December 2022
(“the comparative period”). Implats now has reasonable certainty on its earnings and therefore advises the following:
Earnings for the period decreased primarily due to lower revenue arising from a 37% lower achieved dollar revenue per 6E ounce sold, partially offset by an 8% weaker rand. Sales volumes were 12% higher, benefitting from the maiden interim consolidation of Impala Bafokeng and improved operational momentum.
Cash costs were negatively impacted by the consolidation of the cost base of Impala Bafokeng in the period, and the weaker rand on the translated costs of Zimplats and Impala Canada.
As a result, Implats’ headline earnings for the period are expected to decrease by between 75% and 82% to be between R2.5 billion and R3.5 billion and HEPS is expected to decrease by between 76% and 83% to be between 279 cents and 391 cents per share. Headline earnings and HEPS for the comparative period were R14.0 billion and 1 654 cents, respectively.
Consequently, Implats expects basic earnings and EPS for the period to decrease by between 86% and 93% to be between R1.0 billion and R2.0 billion, and between 112 cents and 224 cents per share, respectively. Basic earnings and EPS for the comparative period were R14.0 billion and 1 648 cents per share, respectively.
