Half Year 2024 Thungela Resources Ltd Earnings Call Transcript
Key Points
- Thungela Resources Ltd (TNGRF) reported a profit of ZAR1.2 billion for the first half of 2024.
- Group export salable production increased to 7.8 million tonnes, up from 6.1 million tonnes last year.
- The Ensham operation in Australia delivered strong performance, contributing nearly one-third to the Group's profit.
- The company declared an interim ordinary cash dividend of ZAR281 million and approved a share buyback of up to ZAR160 million.
- Thungela Resources Ltd (TNGRF) has been operating for 18 months without a loss of life, achieving significant safety improvements.
- Softer coal prices and underperformance of Transnet Freight Rail negatively impacted financial results compared to the same period last year.
- Adjusted EBITDA for the period was ZAR2.1 billion, down from ZAR4.4 billion in the first half of 2023.
- Net profit decreased to ZAR1.2 billion from ZAR3 billion year-on-year, mainly due to lower coal prices.
- Operating costs for the first half of 2024 increased by ZAR5.2 billion compared to the first half of 2023.
- The company faces ongoing challenges with Transnet Freight Rail's performance, impacting export sales.
Good day, everyone, and welcome to Thungela's 2024 interim results presentation for the six months ended June 30, 2024. I'm Hugo Nunes, Head of Investor Relations for Thungela, and I would like to take a couple of minutes to introduce today's agenda and to explain how this event will run.
Our CEO, July Ndlovu, will share the highlights for the first half of 2024. Our CFO, Deon Smith, will then talk through the financial and operational results for the period under review as well as provide an update on guidance. This will be followed by July concluding the presentation. We will then open up the Q&A session, providing those on the call and webinar the opportunity to ask questions.
Turning to Q&A. For those wishing to ask questions directly, we ask that you please join the session using the facility conference call provided, as we can only take direct questions through this facility. (Event Instructions) For those joining via the webinar, you will have the opportunity to submit questions via text, which will then
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