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(Alliance News) - Tharisa PLC on Monday said its performance improved in its most recently ended financial year despite coronavirus challenges.
The Cyprus-headquartered, South Africa-focused mining investment company said revenue increased by 18% for the year to the end of September to USD406.0 million from USD342.9 million a year prior, resulting in a pretax profit jump to USD75.8 million from USD11.2 million.
Tharisa explained that revenue growth was derived from the sales of platinum group metals concentrate and the sale of chrome concentrates.
Following the acquisition of MetQ Pty Ltd, a manufacturer of equipment principally for the mining industry, in October 2019, a new manufacturing segment has been introduced to the group, contributing USD2.0 million to revenue.
Selling costs incurred with the transport of the metallurgical grade chrome concentrate from the mine to the customer at China main ports decreased to USD59.2 per tonne from USD63.2 per tonne.
Administration expenses amounted to USD35.3 million versus USD37.3 million a year before, a decrease of 5.4%.
Tharisa lifted its annual payout to 3.50 US cents from 0.75 cents paid a year earlier.
With this strong financial performance, Tharisa said it has continued to generate healthy operating cash flows, providing returns to shareholders while still able to invest in the business for the long-term.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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