Harmony Gold pays first interim dividend in four years
A strong first-half turnaround has left it free of debt and ready for growth — and shareholders have recognised the changes in the miner
Harmony Gold paid its first interim dividend in four years as its operations and hedging strategies contributed to a strong performance in the first six months of its financial year, leaving the company practically debt free and ready for growth. Harmony declared a 50c dividend for the six months to end-December, the first since the same period in 2012, as net profit ballooned to R1.5bn compared with a R445m loss a year earlier. Revenue shot up to R9.87bn compared with R8.7bn a year earlier, and was given a R233m boost from the company’s gold hedging programme. Gold production was slightly lower at 553,862oz versus 568,459oz in the previous interim period, as Harmony moved away from unprofitable production. "We believe it is important to continue to strengthen our cash flow, to pay dividends and to finance our growth ambitions, and to ensure that Harmony’s share price correctly reflects its true value," Harmony CEO Peter Steenkamp said. Shareholders have clearly recognised changes i...
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