Sasol delivers FY earnings growth

by admin 0

The international integrated energy and chemicals company indicated that earnings attributable to shareholders increased by 13 per cent for the year ending 30 June 2014.

“These outstanding final results are due to an excellent underlying operational performance, coupled with a continued focus on cost control. We continue to deliver growth in earnings. Our cash flow generation remains robust,” said Sasol acting chief financial officer, Paul Victor.

(READ MORE: Sasol reports interim turnover increase ahead of new operating model launch)

“At the same time we are able to invest in new growth projects in Southern Africa and North America. As this new era for Sasol evolves, we are well placed to continue delivering value to our shareholders.”

[DATA SOL:Sasol] also reported turnover growth from 169 billion rand in the 2013 year to 202 billion rand in 2014 while operating profit, after remeasurement items, increased to 41 billion rand from 38 billion rand.

Profit before tax grew to 45 billion rand in 2014 from 39 billion rand in 2013 and diluted earnings per share increased to 48.27 rand from 43.30 rand.

The company added that South Africa’s economic outlook remained challenging and that there is increased risk that global geo-political tensions, and the start of the interest rate normalisation cycle in key global economies, could see higher financial market volatility.

Sasol chief executive officer, David Constable, said, “Underpinned by a solid operational performance, Sasol has outperformed our previous best efforts. The changes we have introduced have set the scene for us to deliver on our strategy as a more efficient, effective and competitive organisation.”

(READ MORE: Research and development at the heart of innovation – Sasol)

“This outstanding performance sets the platform for what is the beginning of a new era for the group. In this new era, our focus will be on becoming a leading monetiser of natural resources and a trusted partner to countries seeking to add value to their hydrocarbon reserves,” he added.