Harmony Gold Mining Reports Net Profit in Fiscal 2023

Harmony Gold Mining, a South African gold mining company, announced its financial results for fiscal 2023, revealing a significant turnaround in net profit. The company attributed this success to higher underground recovered grades and an increase in gold prices in the local currency.

Financial Highlights

For the year ended June 30, Harmony Gold Mining reported a net profit of $275 million, marking a significant improvement compared to the loss of $48 million during the same period last year. Although revenue slightly decreased from $2.80 billion to $2.77 billion, it rose to 49.275 billion South African Rand ($2.67 billion) in the local currency, up from ZAR42.645 billion.

Earnings Per Share

The company’s earnings per share for fiscal 2023 reached 44 U.S. cents, a remarkable growth compared to the loss of 8 cents in the previous year. The guidance provided on Aug. 23 anticipated earnings per share to be between 43-45 cents.

Headline Earnings Per Share

Harmony Gold Mining also reported an increase in headline earnings per share, reaching 45 cents compared to 33 cents in the previous year. The guidance range for headline earnings per share was initially projected to be between 43-50 cents.

Gold Production

In terms of gold production, the company produced 1.47 million ounces of gold during the year, slightly lower compared to the 1.49 million ounces in the previous period. However, Harmony Gold Mining’s guidance for production ranged between 1.4 million to 1.5 million ounces. The underground recovered grade saw an improvement, increasing from 5.37 grams per ton to 5.78 grams per ton.

Future Outlook

Looking ahead, Harmony Gold Mining expects production to range between 1.38 million ounces to 1.48 million ounces in the coming year. Additionally, the company projects a guided underground recovered grade of 5.60 grams per ton to 5.75 grams per ton.

Dividend Declaration

The board of Harmony Gold Mining has declared a final dividend of 4.03 cents per share, a significant increase compared to the previous year’s dividend of 1.3 cents per share.