Sibanye-Stillwater Earnings Drop as Expected on Softer Demand

By Elena Vardon

Sibanye-Stillwater posted earnings per share for first half of 2023 within its recently downgraded guided range after its profit fell on year, when slowing global demand for commodities hurt prices.

The Johannesburg-listed precious metals miner on Tuesday posted a net profit of $427 million for the six months ended June 30 compared with $803 million for the same period the previous year.

It reported earnings per share of 2.62 South African rand, or 14.4 U.S. cents. It had recently guided for the figure to come in between ZAR2.49 and ZAR2.75, compared with ZAR4.26 a year earlier.

Headline earnings per share were ZAR2.08, within the ZAR1.98 to ZAR2.18 range it lowered earlier this month due to a fall in platinum group metal prices and a decline in the share of results from investees, as well as lower production and higher unit costs from the U.S. platinum operations.

Its posted adjusted earnings before interest, taxes, depreciation and amortization at $776 million for the period, down from $1.465 billion. Revenue fell to $3.33 billion from $4.57 billion, it added.

Sibanye-Stillwater declared an interim dividend of 11.19 U.S. cents compared with 32.46 U.S. cents a share a year prior.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

August 29, 2023 07:07 ET (11:07 GMT)

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