Petrochemicals company Sasol reported a 66 fall in full-year profit on Tuesday, mainly due to weaker chemical prices, and skipped a final dividend.
Sasol posted 11.5 billion rand 648.47 million headline earnings in the year to June 30, compared with 33.8 billion rand during the same period last year.
It did not declare a final dividend, leaving the interim 2 rand per share declared at half-year as the full-year payout for the 2024 financial year.
Sasol said it changed its dividend policy, which was previously based on 2.5-2.8 times core headline earnings per share, to 30 of free cash flow generated, provided that net debt is below 4 billion on a sustained basis.
The disconnect between headline earnings and cash flow generation, as well as elevated leverage levels, has necessitated a revision to the company's dividend policy, Sasol said in a statement.
