Royal Bafokeng Platinum’s revenue for the year ended 31 December 2021 rose by 22.8% to R16.4 billion compared to R13.3 billion due to the strong PGM basket prices and the increase in production.
It said earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 28.3% from R6.6 billion to a record R8.5 billion.
Its EBITDA margin jumped to 51.9% from 49.7% in the previous comparative period.
Royal Bafokeng said a significant improvement in the PGM market, coupled with its strong operational performance, resulted in a 86% higher headline earnings of about R6.5 billion in 2021 compared to about R3.5 billion in 2020.
“RBPlat has delivered record production and EBITDA in the face of a fluid operating environment. This was achieved through a consistent focus on our operational fundamentals, which are underpinned by the four pillars of our strategy,” said company chief executive Steve Phiri.
“These fundamentals anchored our strategic planning and operational performance as we navigated the ongoing effects of the Covid-19 pandemic, an unreliable power supply from Eskom and the slow global economic recovery.”
Meanwhile, Royal Bafokeng said improved volumes coupled with the lower recovery yielded an 11.5% and 10.7% increase in 4E and platinum metals in concentrate, respectively.
The 4E metals in concentrate amounted to 467 000 ounces (oz) and platinum in concentrate equated to 301 000oz.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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