Thungela Resources Limited Expects Decrease in Earnings for 2023

  • Thungela Resources expects decrease in earnings: EPS and HEPS to drop compared to previous period.
  • Decline attributed to non-cash adjustments related to Ensham Business acquisition.
  • Financial results to be released on 18 March 2024; investor webinar and conference call scheduled.
Published by
Lethabo Ntsoane

Thungela Resources Limited has recently announced its trading statement for the year ended 31 December 2023, shedding light on its anticipated financial performance. The company, listed on both the Johannesburg Stock Exchange (JSE) and the London Stock Exchange (LSE), expects a decrease in both Earnings Per Share (EPS) and Headline Earnings Per Share (HEPS) compared to the previous period.

Key Figures

According to the statement, Thungela forecasts an EPS range of R34 to R39 for the year 2023, marking a significant decrease from the prior period’s EPS of R127.08. Similarly, the expected HEPS range for 2023 is between R31 and R36, down from R130.82 in the previous period. The earnings attributable to shareholders are anticipated to be between R4.6 billion and R5.3 billion, while headline earnings attributable to shareholders are estimated to fall within the range of R4.3 billion to R4.9 billion.

Explanation for Decrease

The decline in earnings is attributed to various one-off, non-cash adjustments associated with the acquisition of the Ensham Business and its subsequent accounting treatment. Thungela consolidated 85% of the Ensham Business’s results from the acquisition date of 31 August 2023, which impacted the overall financial figures for the year.

Release of Financial Results

Thungela plans to release its financial results for the year ended 31 December 2023 on 18 March 2024. These results will be disseminated through the Stock Exchange News Service of the JSE and the Regulatory News Service of the LSE. Additionally, the company will host an investor webinar and conference call on the same date, starting at 12:00 SAST (10:00 GMT).

Registration for Investor Engagement

Investors interested in participating in the webinar and conference call can register using the following links:

  • Webinar Registration: Link
  • Conference Call Registration: Link

Conclusion

Thungela Resources Limited’s trading statement offers insight into its expected financial performance for the year 2023, highlighting a decrease in earnings compared to the previous period. The company remains committed to transparency and will provide further updates with the release of its financial results in March. Investors are encouraged to participate in the upcoming webinar and conference call for a deeper understanding of Thungela’s financial performance and future prospects.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo