Tharisa, which has operations in South Africa and Zimbabwe, reported marginal revenue growth of 0.4% to $335 million in the six months ended 31 March 2023 compared to $334 million, a year earlier.
The company said the decline in revenue was due to increases in chrome sales prices and sales volumes realised despite the decline in Platinum Group Metals (PGM) prices and sales volumes.
Its earnings before interest, taxes, depreciation, and amortisation (EBITDA) dropped 27% to $81.2 million in the second half of the year from the previous year’s $111.3 million at an EBITDA margin of 24.2%.
An interim dividend of 3 US cents per ordinary share was declared.
Meanwhile, Tharisa’s PGM production decreased by 16.1% at 77 000 ounces (oz) from the previous year’s 91 800 oz at an average PGM basket price of $2 216/oz.
Its chrome production was, however, up 1.4% at about 788 000 tonnes compared to the previous year’s 777 000 at an average metallurgical grade chrome price of $247 per tonne.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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