Sasol’s dividend falls after Lake Charles cost surge
FUELS group Sasol has reported a 17% fall in headline earnings per share (HEPS) for the year to June, with a mixed sales performance from its various divisions, and record production volumes at the Secunda Synfuels operation.HEPS for the year were R41.40, and the 15% fall compares with a 25% drop in the oil price during the period.Performance chemicals sales rose 1.8%, base chemicals fell 2.6% and liquid fuels were flat — which was 2% higher than market guidance, Sasol said.The company declared a dividend of 910c per share for the second half, down 21% from a year ago. The final dividend cover was 2.8 times.Sasol’s interim dividend was 570c per share.The group in August allayed concern that rising costs at the Lake Charles ethane cracker and chemicals plant in the US would affect the dividend. Joint CEO Stephen Cornell said the policy of paying a dividend covered 2.2-2.8 times by headline earnings per share would remain in place.READ THIS: Sasol sticks to dividend policy despite US ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.