Sasol shareholders experienced bitter disappointment on Tuesday, after Sasol issued a bleak trading statement for the six months that ended on 31 December, but on Wednesday, the sun shone once again on SA’s producer of synthetic fuels, as it clawed back some of its lost value.
The latest profit guidance wasn’t good news, as the Sens announcement saw the stock slipping by 6.9%, which wiped more than R13-billion off its market value.Despite benefiting from the stronger oil price, refining margins and weaker rand-dollar exchange rate, the energy producer said it had been hit by weaker global economic growth, depressed chemicals prices and higher feedstock and energy costs.
In the trading update, Sasol said its earnings per share are expected to be between R21.55 and R23.98, compared with the prior half-year EPS of R23.98 . Core headline earnings per share are expected to be between R22.97 and R25.23 compared with the prior half-year of R22.52 . Adjusted earnings before interest, tax, depreciation and amortisation are expected to remain flat, in line with the R31.8-billion it reported last year.Net impairments were R6.4-billion over this period, with the largest write-down being R8.1-billion in the Secunda liquid fuels refinery, based on macroeconomic price assumptions and input price pressures, which include higher electricity price forecasts and lower gas selling prices, and a reversal of R3.
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Sasol share rout wipes R13bn off its market valueSA energy producer's half-year profit guidance sends shockwaves through market
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