Fundamental Research
Impala Platinum 31 December 2025 interim results summary
- In this report, we look at the interim results for the period ended 31 December 2024 of Impala Platinum, released in February 2025, alongside the current global macroeconomic environment.
- Financials:
- Revenue declined by 2.6% to R42.3 billion, affected by lower realised 6E dollar price and a stronger rand to dollar conversion. This was offset by higher sales volumes and an increase in revenue from Nickel sales during the period.
- The cost of sales increased by less than 1% during the period, showing the effect of restructuring initiatives during FY24.
- EBITDA declined by 23% to R6.5 billion.
- Headline earnings per share declined by 43.6% to 206 cents compared to 365 cents for 1H24.
- The realised price per 6E ounce declined by 7.6% to R23 831.
- Group unit cost worsened by 2.7% with the cost of production per 6E ounce increasing to R20 885.
- Our research supports a hold recommendation
Speaker
Vaughan HenkelThink Big Series