Exxaro Resources rewards shareholders handsomely in 2018
Exxaro says it had record performances in coal production, sales and export volumes
Exxaro Resources, a large coal miner, has rewarded its shareholders handsomely after a year of record operational and sales performances and an inflow of cash from the sale of an investment. Exxaro, an empowered mining company, reported a post-tax profit of R7.1bn for the year to end-December 2018, compared with a profit of R6bn the year before. Revenue increased by 12% to R25.5bn, while operating profit grew to R5.7bn from R5.2bn. With the declaration of a final dividend of R5.55 per share, Exxaro raised its total returns to shareholders for the year by 55% to R10.85 a share. Exxaro noted it had record performances in coal production, sales and export volumes of 47.8-million tonnes, 45.2-million tonnes and eight-million tonnes respectively for the year.
Adding to the group’s cash inflows was a R2.6bn dividend received from its stake in Sishen Iron Ore Company (SIOC), up from R1.4bn a year earlier. SIOC is the operating company controlled by Kumba Iron Ore, which owns the larg...