Anglo American expects earnings to more than double | Fin24
 
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Anglo American expects earnings to more than double

Jan 28 2020 13:42
Lameez Omarjee

Miner Anglo American Platinum [JSE:AGL] expects its headline earnings to more than double for the 12 months ended December 31, 2019.

The company on Tuesday issued a trading statement for the period, indicating that headline earnings per share is expected to increase between 131% and 151%. This is an increase between 6 689c and 7 265c per share, compared to 2 893c reported in 2018.

Headline earnings are expected to increase between R17.5bn and R19.1bn, compared to headline earnings of just R7.6bn reported in 2018.

Basic earnings per share are also expected to increase substantially – between 157% and 177%. This is an increase between 6 689c and 7 205c per share. Earnings are expected to increase between R17.5bn and R18.9bn, this is more than twice as much as the R6.8bn reported in 2018.

Anglo American attributed the increases to a "38% increase in the rand basket price and continued steady operational performance". However, Anglo American noted, there was a loss in production during the period, mainly due to Eskom power outages.

According to Anglo's fourth quarter production figures, released earlier this month, total platinum and palladium production volumes increased by 10%. Own mined platinum production increased by 18% and palladium increased by 17%, Fin24 previously reported.

The financial results for the period will be released on February 17, 2020.

Anglo American's stock opened at R386.48 and was trading 0.054% stronger at R389.09 by 09:21. A year ago the share price was R331.99.

Back in July 2019, the mine said it would launch a $1bn share buyback programme and has been repurchasing shares from Goldman Sachs International. 

anglo american  |  earnings  |  mining
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