SASOL LIMITED: REVIEWED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
Sasol (SSL) reported challenging financial results for H2 2024, with revenue declining 10% to R122.1 billion. The company's performance was impacted by a 13% decline in average Rand per barrel Brent crude oil price and a 5% decrease in sales volumes.
Adjusted EBITDA fell 15% to R23.9 billion, while EBIT decreased 40% to R9.5 billion. The company recorded impairments of R5.6 billion for its Secunda and Sasolburg refineries. Basic EPS decreased 52% to R7.22, and HEPS fell 31% to R14.13.
Despite challenges, cash generated from operating activities increased 20% to R17.6 billion. Total debt stood at R116.9 billion (US$6.2 billion), with net debt at R81.8 billion (US$4.3 billion). Due to negative free cash flow of R1.1 billion and net debt exceeding the US$4 billion trigger, no interim dividend was declared.
Sasol (SSL) ha riportato risultati finanziari difficili per il secondo semestre del 2024, con un fatturato in calo del 10% a R122,1 miliardi. Le performance dell'azienda sono state influenzate da un calo del 13% del prezzo medio del petrolio Brent in Rand per barile e da una diminuzione del 5% nei volumi di vendita.
EBITDA rettificato è sceso del 15% a R23,9 miliardi, mentre l'EBIT è diminuito del 40% a R9,5 miliardi. L'azienda ha registrato svalutazioni di R5,6 miliardi per i suoi impianti di raffinazione a Secunda e Sasolburg. L'utile per azione di base è diminuito del 52% a R7,22, e l'HEPS è sceso del 31% a R14,13.
Nonostante le difficoltà, il cash generato dalle attività operative è aumentato del 20% a R17,6 miliardi. Il debito totale si attestava a R116,9 miliardi (6,2 miliardi di dollari USA), con un debito netto di R81,8 miliardi (4,3 miliardi di dollari USA). A causa di un flusso di cassa libero negativo di R1,1 miliardi e di un debito netto superiore alla soglia di 4 miliardi di dollari USA, non è stato dichiarato alcun dividendo intermedio.
Sasol (SSL) reportó resultados financieros desafiantes para el segundo semestre de 2024, con ingresos que cayeron un 10% a R122,1 mil millones. El rendimiento de la empresa se vio afectado por una disminución del 13% en el precio promedio del petróleo Brent en Rand por barril y una disminución del 5% en los volúmenes de ventas.
EBITDA ajustado cayó un 15% a R23,9 mil millones, mientras que el EBIT disminuyó un 40% a R9,5 mil millones. La empresa registró deterioros de R5,6 mil millones en sus refinerías de Secunda y Sasolburg. El EPS básico disminuyó un 52% a R7,22, y el HEPS cayó un 31% a R14,13.
A pesar de los desafíos, el efectivo generado por actividades operativas aumentó un 20% a R17,6 mil millones. La deuda total se situó en R116,9 mil millones (6,2 mil millones de dólares estadounidenses), con una deuda neta de R81,8 mil millones (4,3 mil millones de dólares estadounidenses). Debido a un flujo de caja libre negativo de R1,1 mil millones y a que la deuda neta superó el umbral de 4 mil millones de dólares estadounidenses, no se declaró ningún dividendo interino.
사솔 (SSL)은 2024년 하반기에 어려운 재무 결과를 보고했으며, 수익이 10% 감소하여 R122.1억에 이르렀습니다. 회사의 성과는 배럴당 브렌트 원유 가격이 평균 13% 하락하고 판매량이 5% 감소하면서 영향을 받았습니다.
조정된 EBITDA는 15% 감소하여 R23.9억에 이르렀고, EBIT는 40% 감소하여 R9.5억에 이르렀습니다. 회사는 세쿤다 및 사솔버그 정유소에 대해 R5.6억의 손상차손을 기록했습니다. 기본 주당순이익(EPS)은 52% 감소하여 R7.22에 이르렀고, HEPS는 31% 감소하여 R14.13에 이르렀습니다.
어려움에도 불구하고 운영 활동에서 발생한 현금은 20% 증가하여 R17.6억에 이르렀습니다. 총 부채는 R116.9억(62억 달러)에 달하며, 순부채는 R81.8억(43억 달러)에 이릅니다. R1.1억의 부정적인 자유 현금 흐름과 순부채가 40억 달러의 한도를 초과함에 따라 중간 배당금은 선언되지 않았습니다.
Sasol (SSL) a rapporté des résultats financiers difficiles pour le deuxième semestre 2024, avec un chiffre d'affaires en baisse de 10% à R122,1 milliards. La performance de l'entreprise a été affectée par une baisse de 13% du prix moyen du pétrole brut Brent en Rand par baril et une diminution de 5% des volumes de vente.
EBITDA ajusté a chuté de 15% à R23,9 milliards, tandis que l'EBIT a diminué de 40% à R9,5 milliards. L'entreprise a enregistré des amortissements de R5,6 milliards pour ses raffineries de Secunda et Sasolburg. Le bénéfice par action de base a diminué de 52% à R7,22, et le HEPS a chuté de 31% à R14,13.
Malgré ces défis, la trésorerie générée par les activités opérationnelles a augmenté de 20% à R17,6 milliards. La dette totale s'élevait à R116,9 milliards (6,2 milliards de dollars américains), avec une dette nette de R81,8 milliards (4,3 milliards de dollars américains). En raison d'un flux de trésorerie libre négatif de R1,1 milliards et d'une dette nette dépassant le seuil de 4 milliards de dollars américains, aucun dividende intérimaire n'a été déclaré.
Sasol (SSL) hat für das zweite Halbjahr 2024 herausfordernde finanzielle Ergebnisse gemeldet, mit einem Umsatzrückgang von 10% auf R122,1 Milliarden. Die Leistung des Unternehmens wurde durch einen Rückgang des durchschnittlichen Rand-Preises pro Barrel Brent-Rohöl um 13% und einen Rückgang des Verkaufsvolumens um 5% beeinträchtigt.
Bereinigtes EBITDA fiel um 15% auf R23,9 Milliarden, während EBIT um 40% auf R9,5 Milliarden zurückging. Das Unternehmen verzeichnete Wertminderungen in Höhe von R5,6 Milliarden für seine Raffinerien in Secunda und Sasolburg. Der Basis-EPS sank um 52% auf R7,22, und HEPS fiel um 31% auf R14,13.
Trotz der Herausforderungen stieg der aus operativen Tätigkeiten generierte Cashflow um 20% auf R17,6 Milliarden. Die Gesamtschulden beliefen sich auf R116,9 Milliarden (6,2 Milliarden US-Dollar), während die Nettoverschuldung bei R81,8 Milliarden (4,3 Milliarden US-Dollar) lag. Aufgrund eines negativen freien Cashflows von R1,1 Milliarden und einer Nettoverschuldung, die den Auslöser von 4 Milliarden US-Dollar überschritt, wurde keine Zwischen-dividende erklärt.
- Cash generated from operating activities increased 20% to R17.6 billion
- Capital expenditure reduced by 6% to R15.0 billion
- International Chemicals contribution increased from 6% to 13%
- Revenue declined 10% to R122.1 billion
- Adjusted EBITDA decreased 15% to R23.9 billion
- EBIT fell 40% to R9.5 billion
- Basic EPS decreased 52% to R7.22
- R5.6 billion in refinery impairments
- No interim dividend declared due to high debt levels
- Negative free cash flow of R1.1 billion
Insights
Sasol's H1 FY2025 results reveal concerning operational and financial trends that warrant careful investor attention. The 10% revenue decline to
Three critical areas demand focus:
- Asset Impairment Impact: The
R5.6 billion in refinery impairments, particularly at Secunda (R5.0 billion ) and Sasolburg (R0.6 billion ), suggests structural challenges in the traditional fuel business. These write-downs, following previous impairments leaving both units fully impaired, indicate persistent profitability concerns in core operations. - Debt Management Concerns: Net debt excluding leases increased to
US$4.3 billion , exceeding the company'sUS$4 billion dividend policy threshold. This debt level, combined with negative free cash flow ofR1.1 billion , creates significant financial constraints and limits strategic flexibility. - Business Segment Evolution: The International Chemicals segment's contribution increase from
6% to13% of EBITDA represents a notable bright spot, potentially indicating a gradual business mix shift toward higher-margin chemical operations.
The
The suspension of interim dividends, while prudent given the financial metrics, signals that capital preservation takes precedence over shareholder returns in the near term. This conservative approach suggests management anticipates continued operational headwinds and prioritizes balance sheet stability.
Revenue of R122,1 billion is
- A
13% decline in the average Rand per barrel Brent crude oil price and a significant decline in refining margins and fuel price differentials; and - A
5% decrease in sales volumes as a result of lower production and lower market demand as detailed in the Production and Sales Metrics published on 23 January 2025.
Adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) of R23,9 billion is
Earnings before interest and tax (EBIT) of R9,5 billion is
- A net loss of R6,2 billion from remeasurement items compared to a net loss of R5,8 billion in the prior period, mainly due to further impairments of the Secunda liquid fuels refinery cash generating unit (CGU) of R5,0 billion and the Sasolburg liquid fuels refinery CGU of R0,6 billion. Both CGUs remain fully impaired, resulting in amounts capitalised during the current period being impaired.
- Unrealised losses of R0,1 billion on the translation of monetary assets and liabilities, and valuation of financial instruments and derivative contracts compared to unrealised gains of R2,7 billion in the prior period.
As a result of the above, basic earnings per share (EPS) decreased by
Cash generated by operating activities increased by
At 31 December 2024, our total debt was R116,9 billion (
Key metrics | Half year | Half year | Change % |
Adjusted EBITDA (R million) | 23 949 | 28 118 | (15) |
EBIT (R million) | 9 533 | 15 925 | (40) |
Basic earnings per share (Rand) | 7,22 | 15,19 | (52) |
Headline earnings per share (Rand) | 14,13 | 20,37 | (31) |
Capital expenditure (R million) | 15 007 | 15 922 | (6) |
Free cash flow1 (R million) | (1 055) | (6 450) | 84 |
Net debt (excluding leases)2 (R million) | 81 764 | 73 711 | (11) |
Interim dividend (Rand per share) | - | 2,00 | (100) |
1 Free cash flow is defined as cash available from operating activities less first order capital and related capital accruals.
2 Comparative number is as at 30 June 2024.
Net asset value | Half year | Full year | Change % |
Total assets (R million) | 367 664 | 364 980 | 1 |
Total liabilities (R million) | 215 177 | 217 553 | (1) |
Total equity (R million) | 152 487 | 147 427 | 3 |
Turnover | EBIT/(LBIT)1 | |||
Half year | Half year | Half year | Half year | |
R million | R million | R million | R million | |
Southern Africa Energy and Chemicals | ||||
15 347 | 13 960 | Mining | 2 291 | 955 |
6 591 | 6 411 | Gas | 3 925 | 2 374 |
48 845 | 61 136 | Fuels | (998) | 9 551 |
30 748 | 31 935 | Chemicals | 3 469 | 3 444 |
International Chemicals | ||||
19 724 | 20 255 | America | 657 | (1 869) |
19 921 | 20 287 | Eurasia | (136) | (865) |
- | - | Business Support | 325 | 2 335 |
141 176 | 153 984 | Group performance | 9 533 | 15 925 |
(19 074) | (17 699) | Intersegmental turnover | ||
122 102 | 136 285 | External turnover | ||
1 Loss before interest and tax | ||||
Dividend
The Company's dividend policy is based on
Short-form statement
This announcement is the responsibility of the Board and is only a summary of the information in Sasol Limited's condensed consolidated interim financial statements for the six months ended 31 December 2024. The condensed consolidated interim financial statements have been reviewed by Sasol's external auditors, KPMG, who expressed an unmodified review conclusion thereon. Financial figures in this announcement have been correctly extracted from the condensed consolidated interim financial statements. The information in this announcement has not been reviewed and reported on by Sasol Limited's external auditors.
Any investment decision should also take into consideration the information contained in the full condensed consolidated interim financial statements, published on SENS on 24 February 2025, via the JSE link. The condensed consolidated interim financial statements, including KPMG's unmodified review conclusion, are available through a secure electronic manner at the election of the person requesting inspection, and have been published and can be found on the company's website, https://www.sasol.com/index.php/investor-centre/financial-results, and can also be viewed on the JSE link, https://senspdf.jse.co.za/documents/2025/JSE/ISSE/SOL/HY25Result.pdf
Important information
Sasol will present its interim financial results for the six months ended 31 December 2024 on Monday, 24 February 2025 at 09h00 (SA time). This will be followed by a market call, hosted by President and Chief Executive Officer, Simon Baloyi, and Chief Financial Officer, Walt Bruns, to address questions.
Please connect to the call via the webcast link: https://www.corpcam.com/Sasol24022025 or via teleconference call link: https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=8853546&linkSecurityString=26eaaf0156
A recording of the presentation will be available on the website thereafter at https://www.sasol.com/investor-centre/financial-results.
For further information, please contact:
Sasol Investor Relations,
Tiffany Sydow, VP Investor Relations
Telephone: +27 (0) 71 673 1929
investor.relations@sasol.com
Disclaimer - Forward-looking statements
Sasol may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, expectations, developments, and business strategies. Examples of such forward-looking statements include, but are not limited to, the capital cost of our projects and the timing of project milestones; our ability to obtain financing to meet the funding requirements of our capital investment programme, as well as to fund our ongoing business activities and to pay dividends; statements regarding our future results of operations and financial condition, and regarding future economic performance including cost containment, cash conservation programmes and business optimisation initiatives; recent and proposed accounting pronouncements and their impact on our future results of operations and financial condition; our business strategy, performance outlook, plans, objectives or goals; statements regarding future competition, volume growth and changes in market share in the industries and markets for our products; our existing or anticipated investments, acquisitions of new businesses or the disposal of existing businesses, including estimates or projection of internal rates of return and future profitability; our estimated oil, gas and coal reserves; the probable future outcome of litigation, legislative, regulatory and fiscal developments, including statements regarding our ability to comply with future laws and regulations; future fluctuations in refining margins and crude oil, natural gas and petroleum and chemical product prices; the demand, pricing and cyclicality of oil, gas and petrochemical product prices; changes in the fuel and gas pricing mechanisms in
Please note: One billion is defined as one thousand million, bbl – barrel, bscf – billion standard cubic feet, mmscf – million standard cubic feet, oil references Brent crude, mmboe – million barrels oil equivalent. All references to years refer to the financial year ending 30 June. Any reference to a calendar year is prefaced by the word "calendar".
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SOURCE Sasol Limited
FAQ
What caused Sasol's (SSL) revenue decline in H2 2024?
Why didn't Sasol (SSL) declare an interim dividend for H2 2024?
What was Sasol's (SSL) EBITDA performance in H2 2024?
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