Sibanye-Stillwater 2020 Net Profit Soars to $1.8 Billion, Boosted by Metal Prices
18 February 2021 - 5:48PM
Dow Jones News
By Jaime Llinares Taboada
Sibanye-Stillwater Ltd. on Thursday reported a record high
profit for 2020, as it benefited from strong precious metal prices
and a weaker South African rand.
The Johannesburg- and New York-listed mining company made a net
profit of $1.78 billion in 2020, the highest for any year since it
was formed in 2013, according to FactSet, and up from $4.5 million
in 2019. Sibanye-Stillwater had forecast net profit at between
$1.75 billion and $1.82 billion.
Adjusted earnings before interest, taxes, depreciation, and
amortization rose threefold to $3.00 billion from $1.03 billion,
and revenue increased to $7.74 billion from $5.04 billion.
"Despite the significant challenges associated with the Covid-19
pandemic, the group delivered a record financial performance and
made notable progress towards delivery on many strategic targets,"
Chief Executive Neal Froneman said.
Sibanye-Stillwater last month had reported a 83% surge in its
average platinum, palladium, rhodium and gold basket price for
2020, combined with a 14% depreciation of the rand against the
dollar.
The company declared a final dividend of 88.8 cents a share.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
February 18, 2021 01:33 ET (06:33 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Sibanye Stillwater (NYSE:SBSW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sibanye Stillwater (NYSE:SBSW)
Historical Stock Chart
From Apr 2023 to Apr 2024
