Merafe’s shares leap as it flags surge in profit
HEPS could rise as much as 69.5% in the chrome group’s half-year to end-June, news of which sent its shares up as much as 12%
26 July 2022 - 13:08
Shares of Merafe Resources, the junior empowerment partner in a chrome joint venture with Glencore, jumped as much as 12% on Tuesday, after Merafe said profit may rise by more than two thirds in its half-year to end-June.
Headline earnings per share, the main profit measure in SA, are expected to rise between 49.5% and 69.5%, the company said, citing sustained improvements in plant efficiencies at its smelters, a weaker rand, and higher chrome prices. Net cash had climbed 4.4% to R1.015bn at the end of the period and attributable production 1.7%...
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