Half Year 2024 Tharisa PLC Earnings Call Transcript
Key Points
- Revenue increased by 10.1% to almost $370 million, driven by strong chrome prices and increased production volumes.
- Net cash from operating activities was $86.2 million, demonstrating strong cash flow generation.
- The company announced a share repurchase program of $5 million and an interim dividend of $0.015 per share.
- Tharisa PLC has been listed on the JSE for 10 years, reflecting the maturity and sustainability of the business.
- The company has a strong balance sheet with cash and cash equivalents of $198.5 million and net cash of $86.3 million.
- Net profit after tax (NPAT) decreased by 29% to $38.8 million compared to the previous period.
- PGM production was down 7.7% due to the blend and type of ore processed, resulting in lower output.
- Operating in Southern Africa, particularly South Africa, presents daily challenges such as electricity and transport constraints, high crime, and corruption.
- The company faces fiscal and regulatory uncertainty, impacting trade flows and project development.
- Capital expenditure was high at $114.1 million, including significant investment in Karo Platinum, which has yet to yield returns.
Good morning, and welcome to the Tharisa PLC investor presentation. (Operator Instructions) Before we begin, I'd like to submit the following poll. I'd now like to hand you over to CEO, Phoevos Pouroulis. Good morning, sir.
Good morning, everyone, and welcome to this half year 2024 interim results held virtually and we will get straight into it. So we asked the question why mining, why now and why Tharisa. I think we all acknowledge that if it's not mine, it's grown. If it's not grown then it's mined. And these minerals that we mine are critical to the clean energy transition.
It's a recognition that to achieve our decarbonization strategies we need to extract these critical minerals in a sustainable and responsible manner. So mining is not an option, but the way in which we do it is, and I think that's part of our culture and our ethos. If we look at why now, we can clearly see that the demand for these minerals and metals will more than double by 2060 to meet these targets
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