Sasol reports flat 1H net profit, adjusted ebitda jumped 71%

A truck is seen at South African petro-chemical company Sasol's synthetic fuel plant in Secunda, north of Johannesburg. (REUTERS) — A truck is seen at South African petro-chemical company Sasol's synthetic fuel plant in Secunda, north of Johannesburg. **(REUTERS)**

1 min read . Updated: 21 Feb 2022, 08:17 PM IST JAIME LLINARES TABOADA, The Wall Street Journal

The South African chemicals and energy company made a net profit of 14.98 billion rand ($990.3 million) in the first six months of the fiscal year, up from ZAR14.49 billion a year earlier

Sasol Ltd. said Monday that its profit remained broadly flat in the first half that ended Dec. 31, although its underlying performance was boosted by stronger oil and chemicals prices.

The South African chemicals and energy company made a net profit of 14.98 billion rand ($990.3 million) in the first six months of the fiscal year, up from ZAR14.49 billion a year earlier.

Net profit was affected by non-cash items including a reversal of impairments of ZAR1.4 billion related to higher oil prices, a ZAR4.9 billion gain after the divestment of the Canadian shale gas assets, and losses of ZAR5.3 billion on the valuation of financial instruments and derivatives.

Adjusted earnings before interest, taxes, depreciation and amortization soared 71% to ZAR31.80 billion. Sasol earlier this month had forecast adjusted Ebitda of between ZAR30.9 billion and ZAR32.7 billion for the period.

Sasol didn’t declare a dividend, citing the high level of macroeconomic uncertainty, and said that restoring dividend payments remains a key priority.

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This story has been published from a wire agency feed without modifications to the text

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