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JOHANNESBURG - Tharisa PLC, a Cyprus-incorporated mining company, reported a significant drop in profits for the six-month period ending March 31, 2025, according to a statement released today. The company, which is listed on the Johannesburg Stock Exchange (JSE:THA), London Stock Exchange (LON:LSEG) (LSE:THS), and A2X, saw its net profit after tax fall by 78.9% to US$8.2 million, down from US$38.8 million in the comparable period last year.
Revenue decreased by 23.9% to US$280.8 million, while earnings before interest, taxes, depreciation, and amortization (EBITDA) also witnessed a sharp decline of 45.0% to US$43.8 million. Earnings per share (EPS) and headline earnings per share (HEPS) were down by 80.5% and 78.0%, respectively.
Despite the downturn, Tharisa declared an interim dividend of US 1.5 cents per share, which is 54.3% of the net profit after tax, maintaining the same dividend payout as in the prior period. The dividend will be paid on June 25, 2025, with shareholders on the Cyprus register receiving payments in US dollars, while those on the JSE and LSE will be paid in South African Rand and Sterling, respectively.
The company’s CEO, Phoevos Pouroulis, stated that Tharisa’s co-product model has demonstrated resilience amid global macro uncertainty, allowing the company to continue investing in the sustainability and growth of its operations. He also announced the initiation of a second share buyback program.
The decrease in profits was attributed to challenges including equipment availability and weather disruptions, which impacted output. However, Tharisa is working to recover production shortfalls and is advancing plans to secure the long-term future of the Tharisa Mine. The company’s downstream beneficiation plans for platinum group metals (PGMs) and chrome are progressing towards commercialization.
Capital expenditure for the period amounted to US$52.5 million, which includes US$12.8 million spent on the Karo Platinum Project. Despite slowing development at Karo Platinum due to capital constraints, the company continued to invest in infrastructure and optimization studies.
Tharisa emphasized its commitment to returning profits to shareholders and its vision of creating a resource company for the future as it transitions from mining operations to energy solutions.
This report is based on a press release statement from Tharisa PLC.
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