BUSINESS MAVERICK: Covid corporate carnage: Sasol posts R90bn loss

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Petrochemicals giant Sasol just posted a staggering loss of R91.3-bn for the 12 months to the end of June compared with earnings of R6.1-bn the previous year. The Covid-19 pandemic is wreaking havoc across the corporate world with the oil sector among the hardest hit.

In a SENS statement on Monday 17 August, the company said the loss stemmed from “the combined effects of unprecedented low oil prices, destruction of demand for products and impairments of R111.6-billion”. With Sasol, nothing is ever on a small scale. By way of comparison, that loss exceeds South Africa’s recent IMF loan and is about twice the size of Lesotho’s economy.

That is a good sign and indicates that there is investor appetite for Sasol assets. Of course, bargain hunters will also be looking for fire sales.

 

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