Tharisa hikes interim dividend by two-thirds as profit soars

Tharisa PLC reported on Thursday its interim profit surged six fold and dividend rose sharply, getting a boost from robust platinum group metal prices.

The Cyprus-headquartered platinum miner delivered pretax profit of $69.9 million for the six months that ended March 31, multiplied from $10.3 million a year earlier.

Revenue rose 28% to $359.4 million from $280.8 million, with earnings before interest, taxes, depreciation and amortisation more than doubling to $104.3 million from $43.8 million.

PGM production for the first half was up 17% to 73,100 ounces from 62,400, with an average PGM basket price of $2,599 an ounce, up 85% from $1,403.

PGM prices had remained robust, underpinned by ongoing investments in clean air technologies, expanding applications in hydrogen energy, and increased investor interest in critical metals for the energy transition and AI driven technologies and data storage, Tharisa said.

But chrome production inched down to 753,300 tonnes from 755,400. Average metallurgical grade chrome price was $284 per tonne, up 12% from $253, driven by strong demand for chrome concentrates, particularly from stainless steel producers in China and other Asian markets.

Tharisa lifted interim dividend to 2.5 US cents, up 67% from 1.5 cents.

Earning per share surged to 15.8 cents from 2.5 cents, while headline EPS multiplied to 16.6 cents from 2.9 cents.

‘The past six months have seen Tharisa deliver robust operational and strategic progress, underpinned by the resilience of global commodity markets,’ Tharisa Chief Executive Officer Phoevos Pouroulis said.

Over the coming six months, Tharisa said it will remain focused on disciplined execution across its core operations and strategic projects.

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