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Zimplats parent sees FY21 earnings soaring to R35.8-R36.8 billion

Key Highlights

  • Headline earnings expected to jump over 120%
  • HEPS expected to increase between R45.64 and R46.91
  • Basic earnings of between R46.5BN and R47.5BN
  • Full earnings report due on Sept. 2.

On Monday, platinum group metals (PGMs) mining and marketing company Impala Platinum Holdings Limited (Implats) issued a trading update showing expected exponential growth in earnings for the year ended 30 June 2021.

Implats which owns 87% of ASX-listed Zimplats, the biggest PGMs miner in Zimbabwe expects headline earnings for the period to be between R35.8 billion and R36.8 billion, representing an increase of between 122% and 129% compared to R16.13 billion recorded in the 2020 fiscal year.

Headline earnings per share (HEPS), are expected to increase by between 120% and 126% from 2 075 cents last year to earnings per share of between 4 564 cents and 4 691 cents during the current period.

“The increase in earnings was partially offset by a once-off non-cash IFRS2 BEE charge of R1.5 billion, or 193 cents per share (no tax impact), arising on the Marula BEE loan refinancing,” the Group said.

Basic earnings for the period are expected to be between R46.5 billion and R47.5 billion and basic earnings per share (EPS) are expected to be between 5 928 cents and 6 056 cents per share.

This represents an increase of between 189% and 195% for basic earnings and an increase of between 187% and 193% for EPS. The group said that this includes the impact of the reversal of impairment losses on property, plant, and equipment and the prepayment of royalties of R10.6 billion or 1 351 cents per share (post-tax) recognised in prior periods.

Implats will release its results for the period on or about 2 September 2021. FocusMining

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