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Engineering News ARM earnings soar 136%, dividend double plus - Creamer Media's Engineering News

Last updated Monday, September 6, 2021 04:34 ET , Source: NewsService

JOHANNESBURG (miningweekly.com) – The headline earnings of diversified mining company African Rainbow Minerals (ARM) soared 136% to R13-billion in the 12 months to June 30.

The JSE-listed company, headed by executive chairperson Dr Patrice Motsepe, declared a final dividend of R20 a share, totalling R4 489-million. This took the total to R30 a share for the 2021 financial year, which is two-and-a-half times the R12 dividend paid in the company’s 2020 financial year.

ARM Platinum headline earnings quadrupled to R4 666-million from R1 142-million in the 2020 financial year, underpinned by higher prices for platinum group metals (PGMs), particularly rhodium.

ARM Ferrous headline earnings were 77% higher at R7 927-million (F2020: R4 479-million) driven by higher iron-ore prices and increased iron-ore and manganese ore sales volumes.

Segmental earnings before interest, taxes, depreciation and amortisation (Ebitda) increased by 121% to R24 321-million.

Basic earnings of R12 626-million included attributable impairments of the Assmang equity investment in Sakura Ferroalloys of R169-million, with no tax effect; fixed after-tax assets of Cato Ridge Works of R185-million; exploration assets, that were aimed at increasing Beeshoek Mine life-of-mine, of R26-million, with no tax effect; and Assmang equity investment in Cato Ridge Alloys of R48-million, with no tax effect.

Higher segmental capital expenditure of R4 105-million included R426-million of capitalised waste stripping at the...



Read Full Story: https://www.engineeringnews.co.za/article/arm-earnings-soar-136-dividend-double-plus-2021-09-06

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