Sibanye-Stillwater, the Johannesburg-listed precious metals miner, has announced a decline in earnings per share for the first half of 2023, as global commodity prices were impacted by slowing demand. Despite this, the company’s results remain within the recently revised guidance.
For the six months ending June 30, Sibanye-Stillwater recorded a net profit of $427 million. This is a decrease from the $803 million reported during the same period last year. Earnings per share stood at 2.62 South African rand, or 14.4 U.S. cents, compared to the previous year’s figure of ZAR4.26.
Headline earnings per share were ZAR2.08, falling within the range of ZAR1.98 to ZAR2.18, which was adjusted earlier this month. The revision was necessary due to a decline in platinum group metal prices, decreased results from investees, and challenges faced by the U.S. platinum operations regarding production and unit costs.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the period amounted to $776 million, down from $1.465 billion. The company’s revenue also experienced a decrease, falling to $3.33 billion from $4.57 billion.
In light of these results, Sibanye-Stillwater has declared an interim dividend of 11.19 U.S. cents per share. This is lower than the 32.46 U.S. cents per share paid out in dividends during the same period last year.
Despite the challenges faced by Sibanye-Stillwater, the company remains focused on navigating the current market conditions and delivering value to its stakeholders.
