Sasol Profit Drops as Oil, Petrochemical Prices Weigh
By Jiahui Huang
Sasol's net profit fell 34% in the first half of its fiscal year, dragged down by lower oil and petrochemical prices, as well as unstable demand amid continued inflationary pressure.
The South African chemical and energy company said Monday that net profit dropped to 9.58 billion South African rand ($496 million) in the half-year ended Dec. 31 from ZAR14.58 billion in the same period a year prior. It cited lower prices for chemical products across all regions.
Earnings before interest and tax fell to ZAR15.925 billion from ZAR24.20 billion, while headline earnings per share were ZAR20.37 compared with ZAR30.90 a year prior.
Turnover, excluding inter-segmental trading, fell to ZAR136.285 billion from ZAR149.79 billion, as revenue at its coal-energy business slid almost 50%.
The company declared an interim dividend of ZAR2.00, down from ZAR7.00.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
February 26, 2024 01:08 ET (06:08 GMT)
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