SASOL posted a 44% rise in first-quarter revenue in its main chemicals business on higher chemical and crude oil prices, it said on Thursday.
Revenue from its chemicals business, which accounts for almost 60% of its turnover and profit, came in at $2.5-billion, driven largely by an average price rise of $57 per tonne from a year earlier.
The world’s top manufacturer of motor fuel from coal, battling a mountain of debt, suffered as the pandemic slashed prices and demand.
But a raft of restructuring efforts coupled with recovery in demand have seen its shares rise by over 1 100% since March 2020 while it has halved its debt pile.
Chemical sales by volume fell 8% due to its partial sale of its US chemicals business and lower output from its South African chemicals plant at Secunda.
The lower production will lower its year-end sales target by 1% versus last year,
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