Anglo American Platinum Ltd on Monday hiked its dividend, though its annual profit plummeted due to the ongoing depressed platinum group metal prices.
The Johannesburg-listed platinum producer also reaffirmed that its demerger from parent Anglo American PLC is on track for completion in June.
In 2024, Anglo American Platinum saw its pretax profit plunge to R 9.68 billion in 2024, down 47% from R 18.11 billion in 2023.
Gross revenue was down 13% to R 109.01 billion, compared to R 124.60 billion, dragging earnings before interest, taxes, depreciation and amortisation to R 19.8 billion, down 19% from R 24.4 billion.
Annual refined PGM production rose 2.6% to 3.9 million ounces from 3.8 million ounces, following a stable and consistent performance of the processing business.
Dollar basket price per PGM ounce sold declined 11% to $1,468 per ounce from $1,657, while rand basket price per PGM ounce sold fell 13% to R 26,695 from R 30,679, offsetting lower costs.
All-in-sustaining cost were $986 an ounce, down 13% from $1,136.
Anglo American Platinum declared a final dividend of R 62, multiplied from R 9.30. This lifted the total payout to R 71.75, up 70% from R 21.30.
Earnings per share for the full year fell 45% to R 26.83 from R 49.53, while headline EPS was down R 32.05, 40% lower than R 53.30.
Anglo American Platinum also said it has appointed Dorian Emmett, Hennie Faul and Fagmeedah Peterson-Cook as non-executive directors with immediate effect.
Anglo American Platinum said its demerger from Anglo American is on track to be completed in June.
It said it is still committed to maintaining a strong balance sheet that is able to deliver against its strategic priorities and ensure shareholders participate in ongoing value creation.
In a separate statement, Anglo American said it has made ‘significant’ progress towards its demerger of Anglo American Platinum.
Anglo American intends to retain a 19.9% shareholding in Anglo American Platinum to further help manage ‘flowback’ by reducing the absolute size of the shareholding that will be demerged.
Also, Anglo American said it intends to seek shareholder approval for the demerger of Anglo American Platinum at its annual general meeting on April 30, subject to governance and regulatory approvals.
Anglo American Chief Executive Officer Duncan Wanblad said Anglo American Platinum is on a clear timeline towards an additional listing on the London Stock Exchange. Anglo American Platinum will maintain a primary listing on the Johannesburg Stock Exchange.
Looking ahead, Anglo American Platinum said on Monday its refined PGM production is unchanged at between 3.0 million ounces and 3.4 million ounces for both 2025 and 2026. Refined PGM production guidance in 2027 is between 3.0 million ounce and 3.5 million ounces.
Shares in Anglo American Platinum were up 4.3% to R 685.00 on Monday morning in Johannesburg.
Anglo American shares were up 0.5% to R 581.94 in Johannesburg.
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