Tharisa plc
(Incorporated in the Republic of
Cyprus with limited liability)
(Registration number
HE223412)
JSE share code: THA
LSE share code: THS
A2X share code: THA
ISIN: CY0103562118
LEI: 213800WW4YWMVVZIJM90
('Tharisa' or the
'Company')
AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
AND CASH DIVIDEND DECLARATION
Tharisa is an integrated resource group
critical to the energy transition and decarbonisation of economies.
It incorporates exploration, mining, processing and the
beneficiation, marketing, sales and logistics of PGMs and chrome
concentrates, using innovation and technology as enablers. Its
principal operating asset is the multi-generational Tharisa Mine,
located in the south-western limb of the Bushveld Complex, South
Africa. Tharisa is also developing the Karo Platinum Project, a
low-cost, open-pit PGM asset located on the Great Dyke in Zimbabwe,
while simultaneously focusing on beneficiation in the form of
chrome and PGM alloys. A 15-year Power Purchase Agreement with
Etana for the procurement of wheeled renewable energy and a 40 MW
solar project under construction will ensure that Tharisa Minerals'
drive to reduce its carbon footprint by 30% by 2030 is well within
reach, forming a major part of a roadmap to become net carbon
neutral by 2050. Redox One is accelerating the development of a
proprietary iron chromium redox flow long-duration battery
utilising the commodities we mine. Tharisa plc is listed on the
Johannesburg Stock Exchange (JSE: THA) and the Main Board of the
London Stock Exchange (LSE: THS).
REEF MINED
4.6
Mt
(2023: 4.2 Mt)
+9.5%
PGM
PRODUCTION (5PGE + AU)
145.1 koz
(2023: 144.7 koz)
+0.3%
CHROME CONCENTRATE PRODUCTION
1.70 Mt
(2023: 1.58 Mt)
+7.6%
REVENUE
US$721.4 m
(2023: US$649.9 m)
+11.0%
OPERATING
PROFIT
US$119.6 m
(2023: US$94.7 m)
+26.3%
EBITDA
US$177.6 m
(2023: US$136.8 m)
+29.8%
PROFIT BEFORE TAX
US$117.7 m
(2023: US$114.3 m)
+3.0%
EARNINGS PER SHARE
US
27.7 cents
(2023: US 27.4 cents)
+1.1%
HEADLINE EARNINGS PER SHARE
US
28.1 cents
(2023: US 28.3 cents)
-0.7%
ROIC
11.1%
(2023: 10.5%)
+5.7%
TOTAL DIVIDEND
US
4.5 cents
(2023: US 5.0 cents)
-10.0%
Declaration of dividend
Shareholders are advised that the
board has resolved to propose a final gross cash dividend of US 3.0
cents per ordinary share for the financial year ended 30 September
2024, such dividend being payable to shareholders registered on the
register of members of Tharisa as of the close of business on the
record date, being Friday, 28 February 2025. If approved by
shareholders, the recommended dividend will be paid on Wednesday,
12 March 2025.
Shareholders on the principal Cyprus
register will be paid in US dollars, shareholders whose shares are
held through Central Securities Depositary Participants (CSDPs) and
brokers and are traded on the JSE will be paid in South African
rand (ZAR) and holders of depositary interests traded on the LSE
will be paid in sterling (GBP). The currency equivalents of the
dividend will be based on the weighted average of the South African
Reserve Bank's daily rate at approximately 10:30 (UTC +2) on
Thursday, 28 November 2024, being the currency conversion
date.
Tharisa has a total of 302 596
743 ordinary shares in issue on Thursday, 28 November 2024, of
which 295 204 391 carry voting rights and are eligible
to receive dividends.
Timetable
The timetable for the dividend
declaration is as follows:
|
Declaration and currency conversion
date
|
Thursday,
28 November 2024
|
|
Currency conversion rates
announced
|
Thursday,
20 February 2025
|
|
Last day to trade cum-dividend rights on the
JSE
|
Tuesday,
25 February 2025
|
|
Last day to trade cum-dividend rights on the
LSE
|
Wednesday,
26 February 2025
|
|
Shares will trade ex-dividend rights on the JSE
from
|
Wednesday,
26 February 2025
|
|
Shares will trade ex-dividend rights on the LSE
from
|
Thursday,
27 February 2025
|
|
Record date for payment on both JSE
and LSE
|
Friday, 28
February 2025
|
|
Dividend payment date
|
Wednesday,
12 March 2025
|
No
dematerialisation or rematerialisation of shares within Strate will
be permitted between Wednesday, 26
February 2025 and Friday, 28 February 2025, both days inclusive. No
transfers between registers will be permitted between Thursday, 20
February 2025 and Friday, 28 February 2025, both days
inclusive.
Tax
implications of the dividend
Shareholders and Depositary Interest holders should note that
information provided should not be regarded as tax
advice.
Shareholders are advised that the
dividend declared will be paid out of income reserves and may
therefore be subject to dividend withholding tax depending on the
tax residency of the shareholder.
South African tax residents
South African shareholders are
advised that the dividend constitutes a foreign dividend. For
individual South African tax resident shareholders, dividend
withholding tax of 20% will be applied to the gross dividend of US
3.0 cents per share. Shareholders who are South African tax
resident companies are exempt from dividend tax and will receive
the dividend of US 3.0 cents per share. This does not constitute
legal or tax advice and is based on taxation law and practice in
South Africa. Shareholders should consult their brokers, financial
and/or tax advisers with regard to how they will be impacted by the
payment of the dividend.
UK
tax residents
UK tax residents are advised that
the dividend constitutes a foreign dividend and that they should
consult their brokers, financial and/or tax advisers with regard to
how they will be impacted by the payment of the
dividend.
Cyprus tax residents
Individual Cyprus tax residents are
advised that the dividend constitutes a local dividend and that
they should consult their brokers, financial and/or tax advisers
with regard to how they will be impacted by the payment of the
dividend.
The full
announcement was released on SENS and RNS on Thursday, 28 November
2024, and can be found on the Company's website at
www.tharisa.com
and can also be viewed here,
https://senspdf.jse.co.za/documents/2024/jse/isse/THA/FYresults.pdf.
This short-form announcement is the
responsibility of the directors and any investment decision should
be based on the full announcement published on SENS and
RNS.
BDO Limited Cyprus has expressed an
unmodified audit opinion in the Independent Auditor's Report
dated 27 November 2024 on the audited
consolidated financial statements which are included in the full
results.
By order of the Board
P
Pouroulis Chief Executive Officer
MG Jones Chief Finance Officer
28 November 2024
DIRECTORS
Loucas Pouroulis (Executive
Chairman)
Phoevos Pouroulis (Chief Executive
Officer)
Michael Jones (Chief Finance
Officer)
Carol Bell (Lead Independent
Director)
David Salter (Independent
non-executive director)
Gloria Zvaravanhu (Independent
non-executive director)
Omar Kamal (Independent
non-executive director)
Roger Davey (Independent
non-executive director)
Shelley Wai Man Lo (Non-executive
director)
Hao Chen (Non-executive
director)
REGISTERED ADDRESS
Office 108 - 110
S. Pittokopitis Business
Centre
17 Neophytou Nicolaides and Kilkis
Streets, 8011 Paphos, Cyprus
www.tharisa.com
GROUP COMPANY SECRETARY
Sanet Findlay
The Crossing, 372 Main
Road
Bryanston,
Johannesburg, 2022
South Africa
Email: secretarial@tharisa.com
ASSISTANT COMPANY SECRETARY
Lysandros Lysandrides
31 Evagoras Ave
6th Floor Evagoras
House
1066 Nicosia
Cyprus
TRANSFER SECRETARIES
Computershare Investor Services
Proprietary Limited, Cymain Registrars Limited
Paphos,
Cyprus
28 November 2024
JSE
Sponsor
Investec Bank Limited
Connect with us on
LinkedIn and
Twitter to get further news and updates
about our business.
Investor
Relations Contacts:
Ilja Graulich (Head of Investor Relations and
Communications)
+27 11 996 3500
+27 83 604 0820
igraulich@tharisa.com
Broker
Contacts:
Peel Hunt LLP
(UK Joint Broker)
Ross Allister / Georgia Langoulant
+44 207 7418 8900
BMO Capital
Markets Limited (UK Joint Broker)
Thomas Rider / Nick Macann
+44 207 236 1010
Berenberg (UK
Joint Broker)
Matthew Armitt / Jennifer Lee / Detlir
Elezi
+44 203 207 7800
