Lower platinum group metals (PGM) and coal prices tipped full year headline earnings in African Rainbow Minerals (ARM) for the year to June downwards by 43%, with the companys total dividend for the year resultantly falling to R15 per share compared to R26 per share in the previous corresponding period.
This saw the companys share price on the JSE dragging down by 2.9% to R157.29 per share at the close of Fridays trade session. Year to date, ARMs stock is 21.4% weaker.
Headline earnings for the full year to June 2024 dipped 43% to R5 billion or R25.91 per share.
The decline in headline earnings was mainly due to the decline in the average US dollar 6E PGM basket price and the lower thermal coal prices, said ARM on Friday.
However, this had partially been offset by a weaker average rand/US dollar exchange rate and higher firmer export prices for iron ore.
