18 February 2020 - 10:20Kumba CEO Themba Mkhwanazi says the improved working relationship with Transnet has been fundamental to the improvement in rail performance. Picture: BUSINESS DAY/ELAINE BANISTER
Kumba Iron Ore expects the coronavirus outbreak in China, which is unsettling the market for the steel ingredient, to have a muted effect on its sales and for demand to recover by the second quarter of 2020. Kumba, a 79%-owned Anglo American subsidiary, had a strong 2019, with iron-ore prices rising 35% to R1 457 a tonne leading to free cash flow more than doubling to R17bn. A final dividend of R15.99 a share brought the full-year return to shareholders to R46.78 a share, which equated to 92% of headline earnings, well above the group’s dividend policy.
In 2018, Africa’s largest iron-ore miner paid a full-year dividend of R30.24 a share. Headline earnings, which strip out exceptional items to give investors a measure to judge year-on-year performance, rose to R50.88 a share from R30.28. Kumba’s taxed profit rose to R21bn from R12.7bn. Tax jumped to R8bn from R4bn.Overall, the result was neutral, with a slightly better dividend,” SBG analyst Thabang Thlaku said in a note.
Operational difficulties in 2019 at the flagship Sishen mine and its sister mine, Kolomela, saw production fall to 42.4-million tonnes from the previous year’s 43.1-million tonnes.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kumba reports stellar results, plays down coronavirusThe impact of the outbreak on sales to China has been muted, says Africa’s largest iron ore miner
Source: BDliveSA - 🏆 12. / 63 Read more »
Kumba Iron Ore and the coronavirus conundrumWith China demand slowing down, the miner has to find a market for R1.4bn in ore it can’t just sit on
Source: BDliveSA - 🏆 12. / 63 Read more »
Source: Channel24 - 🏆 48. / 51 Read more »
Source: IOL - 🏆 46. / 51 Read more »
Search on for guard accused of walking out of Mall of Africa with R4m cash in a shopping trolleySBV Services on Tuesday appealed for information to assist an investigation into a former employee allegedly linked to the theft of R4-million from its collection facility at the Mall of Africa over six months ago. Hebanna I thought it was today,yes she is definitely a pro!😂😂🤣🤣 What comes to my mind is someone was crossed why now since July .... and they only noticed now?🤣🤣🤣🤣🤣
Source: TimesLIVE - 🏆 28. / 59 Read more »
Source: SABC News Online - 🏆 32. / 51 Read more »