Sasol H1 Profit Plunges On Weak Oil Price; Cuts Dividend

(RTTNews) - South African integrated energy and chemicals company Sasol Ltd. (SSL) reported Monday that its first-half earnings attributable to shareholders decreased 63 percent to R7.3 billion from R19.5 billion in the prior period. Earnings per share decreased by 63 percent to R11.97 compared to the prior period.

Headline earnings per share were down 24 percent to R24.28.

Profit from operations was R14.9 billion, down 50 percent from last year, on the back of challenging and highly volatile global markets.

Average Brent crude oil prices moved dramatically lower by 47 percent, and average dated Brent was $47 per barrel, compared to $89/b in the prior period. Further, the price of basket of commodity chemical prices declined by 23 percent.

Further, the Board has declared an interim dividend of R5,70 per share, 18.6 percent lower compared to the prior period.