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Financial and operating results for the six-month period ended 31 December 2024 – short-form announcement
Harmony Gold Mining Company Limited
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
JSE share code: HAR
(Harmony and/or the Company)
INTERIM RESULTS FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2024
(H1FY25)
STELLAR RESULTS DRIVE RECORD INTERIM FREE CASH FLOW GENERATION AND
RECORD DIVIDEND PAYOUT
Johannesburg. Tuesday, 4 March 2025. Harmony Gold Mining Company
Limited is pleased to announce its interim results for the six-month
period ended 31 December 2024 ("H1FY25").
"The excellent H1FY25 results are on the back of our unwavering
commitment to improving our safety performance and delivering
consistent, predictable production.
While we have historically been a gold producer, we are on the cusp
of introducing near-term copper which will further de-risk and
diversify our production profile.
Harmony continues to generate stellar cash flows, and our balance
sheet is robust, flexible and in a significant net cash position. The
gold price has continued to rally since the beginning of the 2025
calendar year, enhancing our strong financial position.
We remain disciplined and responsible with our capital allocation,
and we will not deviate from our risk-based approach to decision-
making. Having a balanced approach to capital allocation will enable
us to deliver on our growth aspirations and ensure we continue to
create real long-term value for our shareholders and our stakeholders.
This is mining with purpose," says Beyers Nel, Chief Executive Officer
of Harmony.
Key highlights of H1FY25 are:
- Safety remains our priority with group LTIFR at 5.52 per million
hours worked and still below 6.00
- 19% increase in group gold revenue to R35 447 million (US$1 976
million) from R29 705 million (US$1 590 million)
- 33% increase in net profit to R7 929 million (US$445 million)
from R5 960 million (US$320 million)
- Operating free cash flow, up 46% to R10 392 million (US$579
million) driven by the high average gold price received
- Strong, flexible balance sheet in a record net cash position of
R7 283 million (US$386 million)
- 33% increase in headline earnings per share to 1 270 SA cents (71
US cents) per share from 956 SA cents (51 US cents) per share
- Earnings per share (EPS) increased by 32% to earnings of 1 265 SA
cents per share (71 US cents) from a comparative EPS of 956 SA
cents (51 US cents) per share
- A record interim dividend declared of 227 SA cents (approximately
12.30 US cents) per share (December 2023: 147 SA cents (7.61 US
cents))
- Record interim dividend payout of R1 441 million (US$78 million)
- In line with plan, total gold production was down by 4% to
24 816kg (797 854oz) from 25 889kg (832 349oz), tracking ahead of
guidance
- 2% increase in underground recovered grades to 6.40g/t from
6.29g/t, higher than guidance and demonstrates improvement in
quality of ounces
- Group all-in sustaining costs (AISC) below guidance, increasing
by 15% to R972 261/kg (US$1 686/oz) from R843 043/kg (US$1 403/oz)
- 23% increase in average gold price received to R1 405 020/kg (US$2
437/oz) from R1 141 424/kg (US$1 900/oz)
- FY25 production, grade, cost and capital guidance remains
unchanged.
OPERATING RESULTS
Six months Six months
ended ended %
31 December 2024 31 December 2023 Change
Underground g/t 6.40 6.29 2
Gold price
recovered R/kg 1 405 020 1 141 424 23
received
grade US$/oz 2 437 1 900 28
Gold produced kg 24 816 25 889 (4)
total oz 797 854 832 349 (4)
SA high-grade kg 8 985 8 045 12
underground oz 288 875 258 652 12
SA optimised kg 9 085 10 307 (12)
underground oz 292 090 331 378 (12)
SA surface kg 4 256 4 526 (6)
operations oz 136 834 145 514 (6)
International kg 2 490 3 011 (17)
(Hidden oz 80 055 96 805 (17)
Valley) cash
Group R/kg 813 791 715 617 (14)
operating US$/oz 1 411 1 191 (18)
costs all-in
Group R/kg 972 261 843 043 (15)
sustaining US$/oz 1 686 1 403 (20)
costs (AISC)
Group all-in R/kg 1 043 918 903 619 (16)
cost (AIC) US$/oz 1 810 1 504 (20)
Group R 10 392 7 112 46
operating US$
million 579 381 52
Average cash
free million
R:US$ 17.94 18.68 (4)
exchange rate
flow
FINANCIAL RESULTS
Six months Six months
ended ended
31 December 31 December %
2024 2023 Change
Basic earnings per SA cents 1 265 956 32
share US cents 71 51 39
R million 7 892 5 919 33
Headline earnings
US$ 440 317 39
Headline earnings million
SA cents 1 270 956 33
per share US cents 71 51 39
FY25 group production, cost and grade guidance
FY25 production guidance for the group remains unchanged at between 1
400 000 ounces to 1 500 000 ounces. FY25 AISC guidance also remains
unchanged at between R1 020 00/kg and R1 100 000/kg. Underground grade
guidance remains unchanged at above 5.80g/t. Despite the strong
performance in the first half of the financial year, the third quarter
is traditionally our slowest quarter due to the January start up.
Notice of Interim Gross Cash Dividend
Our dividend declaration for the six months ended 31 December 2024
is as follows:
Declaration of interim gross cash ordinary dividend no. 96
The Board has approved, and notice is hereby given, that an interim
gross cash dividend of 227 SA cents (12.29686 US cents*) per ordinary
share in respect of the six months ended 31 December 2024, has been
declared payable to the registered shareholders of Harmony on Monday,
14 April 2025.
In accordance with paragraphs 11.17(a)(i) to (x) and 11.17(c) of the
JSE Listings Requirements the following additional information is
disclosed:
• The dividend has been declared out of income reserves;
• The local Dividend Withholding Tax rate is 20%;
• The gross local dividend amount is 227.00000 SA cents (12.29686 US
cents*) per ordinary share for shareholders exempt from the
Dividend Withholding Tax;
• The net local dividend amount is 181.60000 SA cents per ordinary
share for shareholders liable to pay the Dividend Withholding Tax;
• Harmony currently has 634 767 724 ordinary shares in issue (which
includes 12 584 263 treasury shares); and
• Harmony's income tax reference number is 9240/012/60/0.
A dividend No. 96 of 227.00000 SA cents (12.29686 US cents*) per
ordinary share, being the dividend for the six months ended 31 December
2024, has been declared payable on Monday, 14 April 2025 to those
shareholders recorded in the share register of the company at the
close of business on Friday, 11 April 2025. The dividend is declared
in the currency of the Republic of South Africa. Any change in address
or dividend instruction to apply to this dividend must be received by
the company's transfer secretaries or registrar not later than Friday,
4 April 2025.
Dividends received by non-resident shareholders will be exempt from
income tax in terms of section 10(1)(k)(i) of the Income Tax Act. The
dividends withholding tax rate is 20%, accordingly, any dividend will
be subject to dividend withholding tax levied at a rate of 20%, unless
the rate is reduced in terms of any applicable agreement for the
avoidance of double taxation (DTA) between South Africa and the
country of residence of the shareholder.
Should dividend withholding tax be withheld at a rate of 20%, the net
dividend amount due to non-resident shareholders is 181.60000 SA cents
per share. A reduced dividend withholding rate in terms of the
applicable DTA may only be relied on if the non-resident shareholder
has provided the following forms to their CSDP or broker, as the case
may be in respect of uncertificated shares or the company, in respect
of certificated shares:
(a) a declaration that the dividend is subject to a reduced rate as
a result of the application of a DTA; and
(b) a written undertaking to inform the CSDP or broker, as the case
may be, should the circumstances affecting the reduced rate change
or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African
Revenue Service. Non-resident shareholders are advised to contact
their CSDP or broker, as the case may be, to arrange for the
abovementioned documents to be submitted prior to the payment of the
distribution if such documents have not already been submitted.
In compliance with the requirements of Strate Proprietary Limited
(Strate) and the JSE Listings Requirements, the salient dates for
payment of the dividend are as follows:
Last date to trade ordinary shares Tuesday, 8 April 2025
cum-dividend is
Ordinary shares trade ex-dividend Wednesday, 9 April 2025
Record date Friday, 11 April 2025
Payment date Monday, 14 April 2024
No dematerialisation or rematerialisation of share certificates may
occur between Wednesday, 9 April 2025 and Friday, 11 April 2025 both
dates inclusive, nor may any transfers between registers take place
during this period.
On payment date, dividends due to holders of certificated securities
on the SA share register will either be electronically transferred to
such shareholders' bank accounts or, in the absence of suitable
mandates, dividends will be held in escrow by Harmony until suitable
mandates are received to electronically transfer dividends to such
shareholders.
Dividends in respect of dematerialised shareholdings will be credited
to such shareholders' accounts with the relevant Central Securities
Depository Participant (CSDP) or broker.
The holders of American Depositary Receipts (ADRs) should confirm
dividend details with the depository bank. Assuming an exchange rate
of R18.46/US$1* the dividend payable on an ADR is equivalent to
12.29686 US cents for ADR holders before dividend tax. However, the
actual rate of payment will depend on the exchange rate on the date
for currency conversion.
* Based on an exchange rate of R18.46/US$1 at 27 February 2025. However,
the actual rate of payment will depend on the exchange rate on the
date for currency conversion.
Short-form announcement
This short-form announcement is the responsibility of the board of
directors of the Company.
Shareholders are advised that this short-form announcement represents
a summary of the information contained in the condensed consolidated
financial statements for the interim reporting period ended 31
December 2024 (results booklet) and does not contain full or complete
details published on the Stock Exchange News Service, via the JSE link
at: https://senspdf.jse.co.za/documents/2025/jse/isse/HARE/HY25result.pdf
and on Harmony's website (www.harmony.co.za) on 4 March 2025.
The financial results as contained in the condensed consolidated
financial statements for the six months ended 31 December 2024, from
which this short-form announcement has been correctly extracted, have
been reviewed by Ernst & Young Inc., who expressed an unmodified
review conclusion thereon.
Any investment decisions by investors and/or shareholders should be
based on a consideration of the results booklets as a whole and
shareholders are encouraged to review the results booklet, which is
available for viewing on the Company's website and on the JSE link,
referred to above.
The results booklet is also available, together with the
aforementioned review report by the Company's external auditors, by
emailing HarmonyIR@harmony.co.za.
Ends.
For more details, contact:
Jared Coetzer
Head: Investor Relations
+27 (0)82 746 4120
Johannesburg, South Africa
4 March 2025
Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
Date: 04-03-2025 07:05:00
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