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Thungela Resources expects first-half headline earnings per share to more than double, despite volatile market conditions.The coal producer said on Friday that headline earnings per share for the six months ended June are expected to be R4.60-R4.95, an increase of 140%-158% compared with a year ago.Headline earnings are expected to come in at R580m-R630m.Thungela, valued at about R13.6bn on the JSE, said ongoing volatile market conditions affected earnings and headline earnings.The trading statement did not provide a detailed explanation for the expected increase in headline earnings, with the company due to provide further details when it releases its interim results on August 17.The expected improvement in earnings comes as Thungela navigates a stronger coal-price environment in the first half, alongside improved rail performance in South Africa.In a June operational update, the company said the Richards Bay benchmark coal price had averaged $104.25 a tonne in the year to date, compared with $89.53 a tonne for the full year in 2025 and $91.78 a tonne in the first half of 2025.Thungela also reported improved rail performance by Transnet Freight Rail, which had reached an annualised run rate of about 60.8-million tonnes. The company said the improved performance, with the use of rail capacity not fully utilised by other coal producers, supported higher export sales.South African export sales, including about 700,000 tonnes of third-party coal, were expected to reach about 7.5-million tonnes in the first half, up from 6.6-million tonnes in the same period last year.South African export saleable production was expected to be about 6.3-million tonnes, broadly in line with the 6.4-million tonnes produced in the first half of 2025.Thungela also reported improved production at its Ensham operation in Australia, with first-half production expected to reach about 2-million tonnes, compared with 1.6-million tonnes a year earlier.The company maintained its full-year production guidance of 13-million to 13.6-million tonnes for its South African operations and 3.9-million to 4.2-million tonnes for Ensham.Earnings were also boosted by a R1bn noncash profit recognised on the sale of the Kleinkopje mining right at its Khwezela Colliery, which is excluded from headline earnings.Thungela’s share price closed down 1.55% at R96.48 on Friday. The JSE was closed on Monday for a holiday.
