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Coal|Export|Financial|Platinum
Coal|Export|Financial|Platinum
coal|export|financial|platinum

ARM warns of an up to 50% y/y decrease in headline earnings

26th August 2024

By: Darren Parker

Creamer Media Senior Contributing Editor Online

     

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JSE-listed African Rainbow Minerals (ARM) has warned that its headline earnings for the 2024 financial year are expected to decrease by between 40% and 50% year-on-year to between R4.49-billion and R5.39-billion for the 12 months ended June 30, compared with about R8.98-billion in the financial year ended June 30, 2023.

The company attributes the decline in yearly headline earnings mainly to the decline in the average dollar six-element platinum group metals basket price and lower thermal coal prices.

This was partially offset by a weaker average rand:dollar exchange rate and higher average realised export iron-ore prices.

Headline earnings per share for the 2024 financial year are, therefore, expected to decrease to between R22.91 and R27.49, from R45.82 in the prior financial year.

Basic earnings for the financial year under review are also expected to decrease by between 60% and 70% to between R2.4-billion and R3.2-billion, down from about R8-billion in the prior year, while basic earnings per share are expected to decrease to between R12.36 and R16.48, from R41.21 in the prior year.

ARM’s condensed results for the 2024 financial year will be released on September 6.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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