Sasol anticipates sharp decline in headline earnings of up to 77%
A man walks past South African petro-chemical company Sasol's synthetic fuel plant in Secunda, north of Johannesburg, in this picture, file.. According to analysts, the company’s shift to becoming a chemical business in the last five to eight years has been a major factor affecting the bottom line.
According to Benguela Global Fund Managers Zwelake Mnguni, the company’s shift towards becoming a chemicals-focused business has made it highly reliant on chemical prices. The industry recently saw prices slide due to geopolitical tensions in the Red Sea. The group highlighted that stronger rand/oil prices, improved refining margins, and higher sales volumes provided some relief. It says its improved operational performance in the fourth quarter contributed to its overall stronger performance in the second half of the financial year.
Senior market analyst at IG South Africa, Shaun Murison, says the negative news has been factored into Sasol’s share price.
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