Has Thungela passed peak earnings? A surge in coal prices soon after its unbundling from Anglo American in 2021 helped it return R60 to shareholders in interim dividends alone last year — three times the price of the share on its debut. It meant that investors who stuck with the stock on listing to its record high of just under R380, would have made a gain of over 1,600%. Even given the fact that the share is down 35% over one year, Thungela is still, at R141, up over 500% since its unbundling. For the first half ended June 2023 revenue fell 45% to R14.3bn, headline earnings per share have dropped 67% to R22.46 and the dividend is just R10. The FM spoke to CEO July Ndlovu.

Were you just a one-hit wonder? And shall we ever see the like of 2022 again?..

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