South African energy and chemicals giant Sasol, under the leadership of CEO Simon Baloyi, experienced a notable rise in its share price following the announcement of increased coal export sales for the financial year ending June 30, 2024.
The company's share price surged by more than five percent, reaching R143.91 7.84 in mid-morning trade on Monday, reflecting a positive market response to its latest performance metrics.
Increased coal exports and operational improvementsSasol's energy business reported a five-percent increase in coal export sales volumes, which played a significant role in the share price boost. This achievement is largely attributed to improved operations at Sasol's Thubelisha colliery and enhanced performance from Transnet Freight Rail, the state-owned freight transport and logistics company. These operational improvements have been pivotal in enabling Sasol to meet higher demand and optimize its export logistics, despite some production setbacks.
The company's overall mining productivity for the 2024 financial year was up by three-percent compared to the corresponding period in 2023. This increase in productivity underscores Sasol's commitment to complex-wide initiatives aimed at enhancing performance across all its collieries. "We continue to focus on complex-wide initiatives across all collieries to improve mining's overall performance," the company noted in its production and sales metrics update.
