Tharisa cuts dividend as 2025 revenue drops on low PGM, chrome output

Tharisa PLC on Monday slashed its final dividend by half after platinum group metal and chrome production fell, dragging down annual revenue.

The Cyprus-headquartered platinum miner reported flat pretax profit at $117.6 million for the financial year that ended September 30, compared to the same period a year earlier.

Though revenue was $602.9 million, down 16% from $721.4 million, earnings before interest, taxes, depreciation and amortisation rose 5.5% to $187.3 million from $177.6 million.

Tharisa booked mining royalty reversal of $67.3 million, compared to none a year before.

PGM production was down 4.7% to 138,300 ounces from 145,100 ounces, unable to fully capitalise on a 19% increase in average PGM price to $1,615 an ounce from $1,362.

Chrome output was 8.2% lower at 1.56 million tonnes, down 8.2% from 1.70 million. Average metallurgical grade chrome concentrate prices contracted by 11% to $266 per tonne from $299.

Tharisa declared a final dividend of 1.5 US cents, from 3.0 cents, bringing the total payout for the 2025 financial year to 3.0 cents, down 33% from 4.5 cents.

Earnings per share fell 3.6% to 26.7 cents from 27.7 cents, while headline EPS was down 2.1% to 27.5 cents from 28.1 cents.

For the 2026 financial year, Tharisa expects PGM production of between 145,000 ounces and 165,000 ounces, and chrome concentrates output is seen between 1.50 million tonnes and 1.65 million tonnes.

Shares in Tharisa were down 2.8% to 96.21 pence on Monday morning in London, but they were flat at R 21.50 in Johannesburg in midday session.

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