Sasol posts 6% rise in earnings, cuts dividend

Johannesburg - Petrochemicals company Sasol [JSE:SOL] reported a 6% rise in first-half earnings on Monday after higher sales and chemical prices helped offset the impact of falling oil prices.

The company said headline earnings per share rose to R32, the middle of the range it flagged to the market. Sasol also cuts its interim dividend by 12.5%, a move it had previously signalled, to save cash in a volatile environment.

Sasol, the world's top maker of motor fuel from coal, said it had changed its progressive dividend policy to a more fluid payout based on headline earnings. It declared an interim dividend of R7 per share.