SOUTH African petrochemical group Sasol said on Tuesday it expects its half-year profit to double, driven by strong oil prices and despite operational challenges in its domestic unit.
Sasol expects its headline earnings per share (Heps) – the main profit measure in South Africa – to be between R29.84 and R31.36 in the six months to December 2022, compared with R15.21 in the same period a year earlier.
The world’s biggest producer of fuel products and chemicals from coal said the benefit of a weaker rand as well as higher oil prices and refining margins was offset by weaker global economic growth, depressed chemicals prices and higher input and energy costs.
“Our South African operations also experienced several operational challenges, most notably in the mining business, where coal productivity and quality have been below plan,” Sasol said in a trading update.
Poor rail performance, port constraints and power outages in
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