Harmony Gold has on Wednesday said it would pay a dividend, its first in three years, as it reported a return to full-year profit on the back of a 21% increase in the gold price.
The miner recorded a profit of R949 million for the year to the end of June, up from a loss of R4.5 billion the year before. Headline earnings a share amounted to 221 cents, compared with a headline loss of 189 cents a share last time. Revenue was up by 19%, from R15.4 billion to R18.3 billion.
The company said net debt had been reduced by 54% to R1.08 billion in the period under review.
“Having turned around the previous year’s headline loss to headline earnings of 221 SA cents, we felt it prudent to declare a dividend of 50 SA cents,” chief executive Peter Steenkamp said.
Noting that Harmony had increased underground grade for the fourth consecutive year, this year by 6% to 5.02g/t, Steenkamp said: “It was indeed a good year for Harmony.”
– African News Agency (ANA)