Harmony Gold Mining Financial Results

Harmony Gold Mining recently announced an interim dividend following a significant increase in net profit during the first half of the fiscal year, attributed to higher gold production and robust prices.

Financial Performance

The South African gold miner reported a net profit of 5.92 billion rand ($309.9 million) for the six months ending Dec. 31, a substantial rise from ZAR1.9 billion in the corresponding period last year. Revenue also saw a notable 35% jump, reaching ZAR31.415 billion.

As anticipated, headline earnings per share tripled to 51 U.S. cents from 17 cents, driven by improved grades, higher gold output, and the surge in gold prices.

CEO Commentary

Harmony Gold's Chief Executive, Peter Steenkamp, highlighted the importance of maintaining safety, mining discipline, operational flexibility, and a stable cost structure amidst favorable commodity prices to deliver value to stakeholders in the long term.

Production and Dividend

Gold production increased by 14% to 832,349 ounces. The company restated its full-year production targets of 1.38 million-1.48 million ounces at an all-in sustaining cost of ZAR975,000 per kilogram and declared an interim dividend of ZAR1.47, in contrast to no dividend declared in the previous year.