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Mining News February 24, 2021 05:45:35 PM

Harmony Gold Posted Three-Fold Jump in Profits

Paul Ploumis
ScrapMonster Author
The revenues were up by 39% year-on-year from 15.5 billion rand a year to 21.6 billion rand.

Harmony Gold Posted Three-Fold Jump in Profits

SEATTLE (Scrap Monster): Harmony Gold reported exceptional performance for the half-yearly period ended December 31st, 2020. The company reported enhanced asset base through its growth strategy and record cash flows.

Harmony Gold posted over three-fold jump in profit in H1 FY21. The net profit increased from R5.8bn from R1.3bn. This was mainly driven by sky-high gold prices as well as addition of Mponeng gold mine in South Africa into its portfolio. During the six-month period, Harmony Gold reported 31% surge in gold price received from R683,158/kg to R896,587/kg.

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The miner reported headline earnings per share of 775 cents, significantly higher from 249 cents a year before. The revenues were up by 39% year-on-year from 15.5 billion rand a year to 21.6 billion rand.

Meantime, it reinstated dividend for the first time since 2017, by declaring an interim dividend of 110 cents. It has thus joined other major miners including AngloGold Ashanti, Newmont and Barrick Gold, who had earlier announced increased payouts to shareholders.

Peter Steenkamp, Chief Executive Officer, Harmony Gold noted that the exceptional performance achieved in the initial half of FY21 is the result of the growth strategy put forward by the company in early-2016.  

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