HARARE, (The Southern African Times) – South Africa’s Anglo American Platinum Ltd (Amplats) on Monday reported an 160% jump in full-year profit, driven by firmer metal prices and higher sales volumes.
Its headline earnings per share (HEPS) – the main measure of corporate profit in South Africa – rose to 300.42 rand ($19.93) for the year ended Dec. 31 from 115.54 rand a year ago.
The company, which is the biggest producer of platinum group metals (PGM) in the world, announced a dividend of 125 rand per share, taking its full year dividend to 300 rand per share.
PGM miners, the majority of whom are located in South Africa, had been minting money in the last two years as prices of the three main PGM metals – platinum, palladium and rhodium – touched record highs, helping companies cut debt, deliver huge profits and declare bumper dividends.
Amplats said the rand price of its platinum group metals (PGM) basket had increased by 22%, while sales volumes were 82% up, leading to a near doubling in full year revenues to 215 billion rand.
With 49 billion rand in cash reserves, the company is now on a modernisation drive to enhance operational efficiencies, it said in a statement.
