Sibanye's JSE-listed shares rise on upbeat trading update

14th February 2020 By: Creamer Media Reporter

Precious metals miner Sibanye-Stillwater's share price on the JSE rose by more than 7% on Friday afternoon as the group announced a recovery in its operational and financial performance for the second half of 2019.

In a trading update, the JSE- and NYSE-listed company said its operating performance had recovered in the second half of the year, while increased contributions from DRDGold and the Marikana platinum group metals operations, combined with a significant increase in precious metals prices, had boosted group revenue by 44% year-on-year to R72.93-billion.

Adjusted earnings before interest, taxes, depreciation and amortisation had increased by 79% year-on-year to R14.96-billion.

"The financial performance in the second half of the year was in stark contrast to the first half of the year, which was significantly impacted by strike action at the South African gold operations and other operational disruptions," the company noted.

Sibanye expects to report a R433-million profit for the 2019 financial year, compared with a loss of R2.52-billion in the 2018 financial year.

Its full-year results will be published on February 19.