Sasol’s shares hardly budged on the confirmation that it has decided to scrap a deeply dilutive $2bn rights issue, though the stock is up 52% in the year to date on expectations that it wouldn’t need this after all, given a sturdier Brent crude oil price. But dividends are still some way off, notwithstanding a threefold leap in first-half headline earnings to R15.3bn, or a big drop in its debt, to R126.3bn. The FM spoke to CEO Fleetwood Grobler and executive vice-president of energy operations Bernard Klingenberg.
You’ve loudly touted a recovery in headline earnings, but if you strip out noncash adjustments — worth R12.9bn — earnings actually went backwards. Operationally, how good were the six months really?..
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