Tharisa posts record year with profit of $15.8m, announces maiden dividend

Platinum group metals (PGMs) and chrome concentrates producer Tharisa on Tuesday reported “record results”, with its profit after tax more than doubling from $6-million in 2015, to $15.8-million for the year ended September 30. This translated into basic earnings per share (EPS) of $0.05 and headline earnings per share (HEPS) of $0.06, an increase of 150% and 200% respectively from the EPS and HEPS of $0.02 posted the year before. Based on the strong results and in line with its stated dividend policy, the board approved an inaugural distribution to shareholders of $0.01 apiece. Group revenue totaled $219.7-million, a decrease of 11% relative to the previous financial year. This was as a result of a decrease in the commodity prices for both PGMs and chrome concentrates, with the basket price for PGMs having reduced by 16.8% an ounce and the metallurgical grade chrome concentrate price having reduced by 24.1% a tonne over the comparable period.