A small toy figure and gold imitation are seen in front of the Harmony logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photo/File Photoon Wednesday posted an 18% increase in its half-year profit, boosted by higher metal grades and prices, but refrained from declaring an interim dividend, citing the need to allocate capital to growth projects.
Harmony's headline earnings per share - the most common profit measure in South Africa - were 2.93 rand in the six-month period ended Dec. 31, compared with 2.48 rand a year ago. The miner, which also has operations in Papua New Guinea, reported a 5% decline in gold production to 740,655 ounces from 778,879 ounces in the previous year, following the closure of its Bambanani mine at the end of June 2022.
The lower output was offset by a 12% increase in the average rand gold price Harmony received during the six months - attributable to a stronger dollar - as well as a 5% improvement in average grades in the South African underground mines.