Tharisa PLC on Monday reported strong annual profit due to robust platinum group metals production, against the backdrop of macroeconomic challenges.

The Cyprus-headquartered platinum miner focusing on southern Africa improved its pretax profit by 19% to $220.2 million for the financial year that ended September 30, from $185.3 million in the prior year.

Revenue rose by 15% to $685.9 million from $596.3 million, helping lift earnings before tax depreciation and amortisation by 5.3% to $236.3 million from $224.3 million.

Tharisa said annual PGM production was up 14% to 179,200 ounces from 157,800 ounces. Annual chrome output increased by 5% at 1.58 million tonnes from 1.51 million tonnes.

The group declared a final dividend of 4 US cents, lifting the total payout to 7 cents.

‘This year has been characterised by an extraordinary performance from the Tharisa Mine, with a strong financial performance driven by record PGM and chrome production in a highly challenging environment,’ Tharisa Chief Executive Phoevos Pouroulis said.

The 2022 financial year provided not only record production of the metals which the group mined, but also the consolidation of the foundations of the next stage of its growth for the coming decade and beyond, Pouroulis said.

This has materialised through the completion of the world’s largest chrome fines processing plant, the commencement of the construction of the Karo Platinum Project in Zimbabwe, the significant progress made in the beneficiation strategies across all the group businesses, and the landmark empowerment transaction, he said.

In its outlook, the company predicted annual guidance for PGM of between 175,000 ounces and 185,000 ounces. It expects between 1.75 million tonnes and 1.85 million tonnes of annual chrome concentrates.

Tharisa’s stock was down 0.6% at 104.40 pence in London early Monday. But shares gained 2.2% to R 23.00 in Johannesburg.

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