Exxaro expects up to 34% earnings growth in 2022 on ‘exceptional' performance of its coal business
|Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here!|
(Kitco News) - Exxaro (JSE: EXX), one of the largest South African based diversified resources companies, announced Thursday that for the year ended 31 December 2022, the company expects headline earnings per share to increase between 20% and 34% compared to the year ended 31 December 2021.
The company’s EBITDA for the year ended 31 December 2022 is expected to increase between 70% and 84% compared to the year ended 31 December 2021.
Exxaro said that this improvement is mainly due to the “exceptional performance” of its coal business driven by higher export and domestic sales prices, and good cost control despite the ongoing logistical challenges.
“This was partially offset by a lower contribution from our energy business due to persistent low wind conditions over the past twelve months, as well as the lower income from our equity-accounted investment in Sishen Iron Ore Company,” it added.
Exxaro is one of the largest South African based diversified resources companies, with main interests in the coal, iron ore and renewable energy commodities.
|Artemis Gold receives final approval needed to start major construction works at Blackwater|