Sasol has cited improved production and stronger demand as key drivers of its positive outlook
South African energy and chemicals giant Sasol expects annual earnings per share to rise by as much as 84%, following a surge in oil and fuel prices driven by the US-Iran war and a disruption to supplies through the Strait of Hormuz.
The Johannesburg-registered company joins multiple Western energy firms which have been thriving on high prices since the US and Israel launched a war on Iran in February.
In a trading statement released on Wednesday, Sasol projected earnings per share of between R17.50 and R19.50 ($1.04-$1.16) for the financial year that ended on June 30. The figure would represent an increase of between 65% and 84% from the R10.60 reported a year earlier.
Sasol said its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) are expected to rise by between 12% and 20%, from R51.8 billion to between R58 billion and R62 billion.
