JOHANNESBURG (Reuters) – South African miner Exxaro Resources Ltd hiked its total dividend after its full-year headline earnings per share, the main profit measure in South Africa, jumped 58% thanks to surging coal prices.
Headline earnings per share was 4,683 cents in 2021, up from 2,955 cents in 2020. Exxaro announced a total dividend of 3,252 cents per share, up 72% from 2020.
“Given the challenges we have faced this year, I am very pleased to present these results,” CEO Mxolisi Mgojo said.
However, export volumes dropped 37% year-on-year as logistical issues impacted Exxaro’s ability to produce and export coal, Mgojo said. Cost increases remain below inflation, the CEO said, with cost competitiveness a key focus.
Mgojo, who announced on Tuesday that he plans to retire in July, will be succeeded as CEO by Nombasa Tsengwa starting Aug. 1, Exxaro said.
The company announced a final cash dividend of 1,175 cents per share for 2021, having changed its dividend policy in March last year.
(Reporting by Helen Reid; editing by Uttaresh.V)
