Tharisa PLC on Thursday delivered ‘another strong’ financial performance that was underpinned by high commodity prices and a ‘significant’ contribution from Karo Mining Holdings Ltd.

For the first half to March 31, pretax profit rose by 10% to $124.3 million from $104.6 million in the prior year.

The southern Africa-focused platinum miner pushed its revenue to $334.0 million, up 6.5% from $313.6 million.

Tharisa declared a dividend of 3.0 US cents.

Platinum group metals production in the first half expanded by 22% to 91,800 ounces from 75,100 ounce.

Chrome output was up 6.3% at 776,700 tonnes from 730,700 tonnes.

The Cyprus-based company said the acquisition of a controlling interest in Karo Mining has had a significant impact on the financial results.

Tharisa acquired a controlling interest in Karo Mining for $27.0 million in March.

The group said it had delivered ‘another strong’ financial performance notwithstanding a period of market volatility impacting commodity prices and input costs.

Tharisa warned that external factors brought on by Russia’s invasion of Ukraine, Covid-19 lockdown restrictions, soaring fuel costs, global supply chain disruptions, inflationary pressures and rising interest rates required a more cautious outlook as these impact the group.

The miner maintained its annual production guidance. PGM is forecast to rise to between 165,000 ounces and 175,000 ounces, up from 157,800 in 2021. Chrome output is projected to rise to 1.75 million tonnes and 1.85 million tonnes, from 1.5 million tonnes last year.

Tharisa shares were 5.5% lower at 139.80 pence each in London on Thursday morning. In Johannesburg on Thursday morning, the stock was untraded at R 28.50.

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