Lower prices, rising costs impact on Sylvania’s financial results
A 28% decrease in the average platinum group metals basket price negatively impacted on Aim-listed Sylvania Platinum’s financial results for the financial year ended June 30.
As a result, revenue decreased to $130.2-million, from $152-million in the prior financial year, while earnings before interest, taxes, depreciation and amortisation decreased to $66-million, from $82.8-million for the 2022 financial year.
Sylvania posted a net profit of $45.4-million, compared with $56.2-million for the prior financial year.
However, the group says it remains optimistic about price improvements.
It also remains focused on containing costs.
“Rising input costs are a reality for the group, and for the broader sector, therefore, we continue to sustain a pragmatic cash management policy with disciplined capital allocation and control, as well as production cost control.
“This approach has ensured the company has the necessary cash reserves to cover working capital for the pipeline period, finance capital projects, fund growth and exploration, and mitigate any potential future difficulties it may have to deal with,” CEO Jaco Prinsloo says.
He says it maintains strong cash reserves to allow funding of expansion and process optimisation capital, and upgrading of its exploration and evaluation assets with the potential to return value to shareholders.
The group recorded a strong production performance at its Sylvania Dump Operations, which produced 75 469 oz of platinum, palladium, rhodium and gold (4E) during the financial year under review.
This was higher than the company’s forecast production.
Sylvania has set a production target of 74 000 oz to 75 000 oz of 4E for the 2024 financial year.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
