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Sasol skips dividend after profit declines 31%

A Sasol sign near its Secunda operations

Photo by Bloomberg

24th February 2025

By: Reuters

  

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South African petrochemical firm Sasol on Monday skipped paying a dividend after reporting a 31% decline in half-year profit on a fall in oil prices and lower sales volumes.

Sasol's headline earnings per share for the six months to December 2024 were R14.13, down from R20.37 during the same period a year earlier.

The company, which produces fuel and chemicals from coal and gas, said its revenue was 10% lower at R122.1-billion, mainly due to a 13% drop in the average rand price per barrel of Brent crude oil and a significant decline in refining margins.

Sasol also reported a 5% decrease in sales volumes as a result of lower production and lower market demand.

The company said it did not declare a dividend because it ended the period with a negative free cash flow of R1.1-billion, while its net debt of $4.3-billion exceeded levels set in its capital allocation policy.

Edited by Reuters

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