South32, a diversified mining and metals company with operations in Australia, Southern Africa, and South America, has registered an 8% drop in revenue for the half-year that ended December 2022.
It realised $3.69 billion in the period compared to $4 billion registered, a year earlier.
The company’s profits after tax also eased 34% to $685 million from $1.03-billion while underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) dropped 27% to $1.3 billion from $1.8-billion.
“We delivered another period of strong production results, and while commodity prices retreated from record levels, we recorded one of our largest profit results to date with underlying Ebitda of $1.36-billion,” said South32 chief executive Graham Kerr.
“Our strong financial result was underpinned by production growth of 12%, our recent portfolio improvements, which increased our exposure to the metals critical to a low-carbon future and continued focus on cost efficiencies. This has enabled us to resolve to pay a fully-franked ordinary dividend of $224 million in respect of the December 2022 half-year.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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