South32 Limited, a prominent mining and metals company, released its financial results for the half-year ended December 31, 2023, showcasing a notable decline in key financial metrics compared to the previous year.
Key Financial Figures:
In the statement, South32 revealed a decrease in revenue and dividends, indicating a challenging period for the company:
| Metric | Half Year Ended 31 Dec 2023 | Half Year Ended 31 Dec 2022 | Change (%) |
|---|---|---|---|
| Revenue (US$M) | 3,133 | 3,696 | -15% |
| Ordinary Dividend per Share (US cents) | 0.4 | 4.9 | -92% |
The decline in revenue by 15% reflects the company’s operational challenges during the period.
Headline Earnings:
South32 reported headline earnings of US$53 million for the first half of the fiscal year 2024, compared to US$584 million in the same period of the previous year, signifying a substantial decrease.
Interim Dividend:
Despite the challenging financial performance, South32’s board of directors resolved to pay an interim dividend of US 0.4 cents per share (fully franked) for the half-year ended December 31, 2023.
Dividend Timetable:
South32 outlined the dividend timetable for shareholders, particularly those in South Africa:
| Date | Activity |
|---|---|
| 1 March 2024 | Announcement of currency conversion into South African rand by 11h00 |
| 5 March 2024 | Last day to trade cum dividend on the Johannesburg Stock Exchange (JSE) |
| 6 March 2024 | Ex-dividend date on the JSE |
| 7 March 2024 | Ex-dividend date on the Australian Stock Exchange (ASX) and London Stock Exchange (LSE) |
| 8 March 2024 | Record date (including currency election date for ASX) |
| 4 April 2024 | Payment date |
Impact on Shareholders:
Shareholders registered on the South African branch register will have restricted actions related to their shareholdings between March 6, 2024, and March 8, 2024, inclusive.
Conclusion:
The release of South32 Limited’s half-year financial results for 2023 reflects a challenging period for the company, marked by a decline in revenue and dividends. However, the company’s commitment to its purpose and strategic focus on sustainable commodities suggest a resilient outlook for the future.
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