Thungela Resources hikes interim dividend as coal prices lift profit
Thungela Resources Ltd on Monday more than doubled its interim dividend after profit surged, helped by robust coal prices amid the Middle East conflict.
For the six months that ended June 30, pretax profit for the Rosebank-based coal miner was ZAR2.29 billion, multiplied from ZAR384 million a year earlier.
The coal producer booked profit on disposals amounting to ZAR1.04 billion, compared to none a year before. It sold the Kleinkopje mining right at the Khwezela Colliery, and reported late in June this year it had concluded the sale of Kleinkopje.
Shares in Thungela were up 8.4% to ZAR105.81 in Johannesburg on Monday morning, while they were up 9.5% to 490.00 pence in morning trade in London.
Revenue rose 2% to ZAR15.17 billion from ZAR14.81 billion, lifting adjusted earnings before interest, taxes, depreciation and amortisation to ZAR1.3 billion, up 88% from ZAR691 million.
Total export saleable production rose 5.8% to 8.5 million tonnes from 8.0 million. In South Africa, export saleable production fell 1.6% to 6.3 million tonnes from 6.4 million, but export saleable output in Australia climbed 38% to 2.2 million tonnes from 1.6 million.
The average realised export price through the Richards Bay Coal Terminal was USD89.18 per tonne, up 14% from USD78.13. Average realised export price in Australia was up 1.5% to USD110.92 per tonne from USD109.28.
Thungela said coal prices had risen, along with gas and crude oil prices, as a result of tensions in the Middle East.
Thungela declared an interim cash dividend of ZAR5.50, more than doubled from ZAR2.00.
Earnings per share, including proceeds from disposals, soared to ZAR10.95 from ZAR1.93, while headline EPS surged to ZAR4.80 from ZAR1.92.
Thungela said it had delivered a strong performance in the first half, demonstrating the resilience of the business.
The Annea Colliery and the Zibulo North Shaft life-extension projects were concluded on time and within budget and continue to ramp-up, the company said.
Looking ahead, Thungela expects South African export saleable production to be between 13.0 million tonnes and 13.6 million in 2026, down from 13.8 million tonnes in 2025. Export saleable output in Australia is seen between 3.9 million tonnes and 4.2 million from 3.9 million tonnes.
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