Harmony Gold Mining Company Expects Surge in Earnings for First Half of FY24

  • Harmony Gold expects over 100% surge in earnings for H1FY24 due to increased production and higher commodity prices.
  • Factors like inflationary costs and higher taxes partially offset earnings growth, but overall performance remains strong.
  • Financial results for the period ending December 31, 2023, will be officially released on February 28, 2024.
Harmony Gold

Harmony Gold Mining Company Limited has announced its expectations of a substantial increase in earnings for the first half of the financial year 2024 (H1FY24). The company’s optimistic outlook stems from a combination of factors contributing to enhanced operational performance and profitability.

Financial Performance

Harmony Gold anticipates that its basic and headline earnings for H1FY24 will surpass those of the previous comparable period (H1FY23) by more than 100%. This notable improvement is attributed to several key factors driving the company’s financial success:

Factors Contributing to Earnings Increase
Higher recovered grades
Increased gold production
Higher average gold prices received
Increased production of silver and uranium, coupled with higher commodity prices

Offsetting Factors

Despite the overall positive outlook, Harmony Gold acknowledges certain factors that have partially offset the increase in earnings:

  • Inflationary increases in labor and electricity costs
  • Higher royalty taxes due to increased revenue and profitability
  • Increased amortization and depreciation, particularly for stripping activities at Hidden Valley
  • Additional exploration expenditure for the execution of an updated feasibility study of the Eva Copper project
  • Higher current taxation due to favorable gold prices and increased gold sales

Expected Earnings per Share (EPS) and Headline Earnings per Share (HEPS)

The company forecasts EPS and HEPS to range between 937 and 976 South African cents per share. This represents a significant surge compared to the previous comparable period. In US dollar terms, EPS and HEPS are expected to be between 50 and 52 cents per share.

Publication of Financial Results

Harmony Gold will officially release its financial results for the six months ended December 31, 2023, on Wednesday, February 28, 2024. Investors and stakeholders are encouraged to visit the company’s website for further details.

Forward-Looking Statements

In its trading statement, Harmony Gold included forward-looking statements regarding various aspects of its business. These statements are accompanied by a disclaimer outlining the risks and uncertainties inherent in such projections. Readers are advised to consider these factors carefully.

Related

Rateweb

South Africa’s primary source of financial tools and information

Contact Us

admin@rateweb.co.za

Disclaimer

Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.