Sibanye-Stillwater Posts 1st Half Profit in Line With Guidance; Raises Dividend to Top End of Policy

By Jaime Llinares Taboada

Sibanye-Stillwater Ltd. on Thursday reported a significantly improved profit for the first half of the year, and raised the dividend towards the upper end of its payout policy range.

The South African precious metals mining company made a net profit of $1.71 billion in the six months ended June 30, up from $563.1 million a year earlier and within the guidance range of $1.69 billion-$1.72 billion.

Adjusted earnings before interest, taxes, depreciation and amortization jumped to $2.79 billion from $990.4 million, reflecting higher gold and platinum group metals production, stronger PGM prices, and lower finance costs.

Sibanye-Stillwater declared an interim dividend of 77.21 U.S. cents a share for the period. This is equivalent to 35% of normalized earnings, at the upper end of the dividend policy range, reflecting a solid production outlook and strong commodity prices.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT

(END) Dow Jones Newswires

08-26-21 0729ET