Sasol full year earnings up 25%
Sasol says production volumes of synthetic fuels increased between 4 and 7.4 million tons.
JOHANNESBURG - South African petrochemicals company Sasol reported a 25 percent increase in full-year earnings on Monday, boosted by higher synthetic fuel production and a weaker Rand.
Headline earnings per share for the year to end-June totalled R52.62, from R42.28 a year earlier.
Headline EPS, the main measure of profit in South Africa, excludes some one-time items.
Sasol, South Africa's largest company by revenue, said it took R5.6 billion of impairments related to its wax expansion project and the value of its stake in the Arya Sasol Polymer Company, which has since been sold.
The world's top maker of motor fuels from coal said production volumes of synthetic fuels increased between 4 and 7.4 million tons, while revenue was boosted by a 14 percent weakening of the Rand/US Dollar exchange rate.
While Sasol's synthetic fuels business remains its primary revenue driver, the company has increasingly diversified into chemicals and gas and clean-energy projects, to align itself with the global trend toward cleaner energy.
It plans to spend up to $14 billion building the first US commercial plant that will turn natural gas into liquid fuels.
A final cash dividend of R13.30 was declared, bringing the total dividend to R19.
Meanwhile, A handful of members of the National Union of Metalworkers of South Africa (Numsa) have gathered in Randburg in northern Johannesburg ahead of their march over a wage dispute with fuel retailers.
Workers are demanding a double digit increase of around R30 per hour while employers have offered 9.5 percent.
Strike have become a worrying trend which has significantly impacted the South Africa's economy negatively in the past two years.