Tharisa hikes interim dividend by two-thirds as profit soars

(Alliance News) - Tharisa PLC reported on Thursday its interim profit surged six fold and dividend rose sharply, getting a boost from robust platinum group metal prices.

The Cyprus-headquartered platinum miner delivered pretax profit of USD69.9 million for the six months that ended March 31, multiplied from USD10.3 million a year earlier.

Revenue rose 28% to USD359.4 million from USD280.8 million, with earnings before interest, taxes, depreciation and amortisation more than doubling to USD104.3 million from USD43.8 million.

PGM production for the first half was up 17% to 73,100 ounces from 62,400, with an average PGM basket price of USD2,599 an ounce, up 85% from USD1,403.

PGM prices had remained robust, underpinned by ongoing investments in clean air technologies, expanding applications in hydrogen energy, and increased investor interest in critical metals for the energy transition and AI driven technologies and data storage, Tharisa said.

But chrome production inched down to 753,300 tonnes from 755,400. Average metallurgical grade chrome price was USD284 per tonne, up 12% from USD253, driven by strong demand for chrome concentrates, particularly from stainless steel producers in China and other Asian markets.

Tharisa lifted interim dividend to 2.5 US cents, up 67% from 1.5 cents.

Earning per share surged to 15.8 cents from 2.5 cents, while headline EPS multiplied to 16.6 cents from 2.9 cents.

"The past six months have seen Tharisa deliver robust operational and strategic progress, underpinned by the resilience of global commodity markets," Tharisa Chief Executive Officer Phoevos Pouroulis said.

Over the coming six months, Tharisa said it will remain focused on disciplined execution across its core operations and strategic projects.

By Artwell Dlamini, Alliance News senior reporter South Africa

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