Valterra Platinum lifts interim dividend as profit and revenue soar
Valterra Platinum Ltd on Wednesday hiked its interim dividend on the back of a surge in profit, thanks to robust platinum group metal prices and lower costs.
The Rosebank, Johannesburg-based company, formerly called Anglo American Platinum Ltd, delivered pretax profit of ZAR29.74 billion for the six months that ended June 30, multiplied from ZAR1.09 billion a year earlier.
"Operating as an independent company over the past year has enabled us to sharpen our focus, accelerate decision-making and strengthen execution across the business," Valterra Chief Executive Officer Craig Miller said.
Valterra demerged from parent Anglo American PLC in May last year and debuted on the London Stock Exchange the following month. It kept its primary listing on the Johannesburg Stock Exchange. Anglo holds no interest in the platinum producer.
For the first half, Valterra said revenue nearly doubled to ZAR81.81 billion from ZAR42.35 billion, lifting adjusted earnings before interest, taxes, depreciation and amortisation to ZAR33.4 billion, up dramatically from ZAR6.6 billion.
Higher PGM production took advantage of strong prices.
PGM production for the first six months grew by 3.6% to 1.52 million ounces from 1.47 million, while PGM sales volumes rose 18% to 1.74 million ounces from 1.48 million.
Dollar basket price per PGM ounce sold soared 85% to USD2,801 from USD1,517. Meanwhile, all-in sustaining costs declined 21% to USD996 an ounce from USD1,263.
Valterra's "exceptional" financial results for the first half were a direct consequence of a solid production, which benefitted from higher PGM prices, Valterra's Miller said.
The platinum miner declared an interim dividend of ZAR57.00, up sharply from ZAR2.00.
Basic earnings per share multiplied to ZAR82.31 from ZAR2.23, while headline EPS surged to ZAR82.02 from ZAR4.73.
Looking ahead, Valterra reaffirms its annual PGM production guidance.
The PGM production guidance is between 3.0 million ounces and 3.4 million in 2026, from 3.2 million ounces in 2025.
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