Sasol Fiscal Year 2023 Chemical Sales Fell on Lower Prices; Met Views

   By Christian Moess Laursen 
 

Sasol said Tuesday that its chemical sales fell in fiscal 2023 due to lower prices, and that it expects continued pricing and demand volatility in fiscal 2024.

The South African energy and chemicals group said chemicals sales revenue fell to $8.99 billion in the fiscal year ended June 30, from $10.55 billion in fiscal 2022, on lower prices offsetting slightly higher sales volumes.

Average sales basket price decreased in the year to $1,465 a ton from $1,656 a ton a year prior due to lower demand. This, together with increased feedstock and energy costs, continue to put downward pressure on overall unit margins and profitability, the company said.

All three of its chemical regional segments--Africa, America, Eurasia--achieved sales volumes within the company's guidance ranges. Fourth-quarter sales volumes increased 5% sequentially, with improved production and supply-chain performance in Africa and America, while demand in Europe and China remained weak.

Looking ahead, the company sees continued pricing and demand volatility in fiscal 2024, with uncertain sentiment in the global market and petrochemical markets.

Sasol plans to publish its fiscal 2023 results on Aug. 23.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

July 25, 2023 02:05 ET (06:05 GMT)

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