Sasol: Is it really different this time?
If the self-help script feels familiar, it’s because investors have heard it all before. But there are encouraging signs — if management can convert some early wins
Sasol’s new management team spent much of the May 20 capital markets day acknowledging that the past few years have been bruising. “Our recent performance has not lived up to our own expectations,” CEO Simon Baloyi conceded, before promising that the company is being reshaped “into a business that delivers a strong, resilient performance even in an uncertain world”.
The roadmap he unveiled is peppered with quantifiable milestones: a $50 Brent crude oil breakeven price for the Southern African base by financial year 2028; a 30% cut in group greenhouse gas emissions by 2030; full compliance with air quality standards; and a 15% through-the-cycle earnings before interest, tax, depreciation and amortisation (ebitda) margin for International Chemicals, lifting that division’s annual ebitda to $750m-$850m...
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