Chemicals and energy group Sasol returned to profitability in the six months to end-June, helped by recovery in chemical and oil prices, as well cost-saving measures, which included a reduction in capital expenditure.
At least $2.4bn has been achieved in savings against a target of $1bn, Sasol said in a statement on Monday. Sasol has also made headway in reducing debt, which has been an overhang on its share price. Its total debt dropped to R102.9bn from R189.7bn. CEO Fleetwood Grobler is overseeing the Sasol 2.0 initiative — a new operating model that aims to cushion the company against the vagaries of the highly cyclical oil market.
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