Northam Platinum increased its sales revenue in the six months ended 31 December 2022 (H1 F2023) by 44.9% to R20.1 billion compared to the cost of sales which increased by 37.6%.
This, it said, resulted in operating profit increasing by 55%, from R5.9 billion to R9.1 billion, and an operating profit margin of 45.1%.
The company’s earnings before interest, taxation, depreciation and amortisation (EBITDA) also rose by 54.5% to R10 billion compared to R6.4 billion, a year earlier.
The rolling 12-month EBITDA amounted to a record R20 billion from the previous year’s R17.7 billion.
As of 31 December 2022, inventory on hand amounted to about 371 000 oz 4E, which was valued at about R19.6 billion when applying the 4E basket price and exchange rate.
The group’s equivalent refined metal from its operations increased by 11.9% to 393 309 oz 4E from 351 359 oz 4E, a year earlier.
Group production of chrome concentrate also jumped 17.4% to 505 841 tonnes compared to the previous year’s 430 697 tonnes, on the back of improvements at all operations.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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