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Unreviewed Condensed Consolidated Interim Financial Results for the six months ended 30 September 2024
SALUNGANO GROUP LIMITED
Incorporated in the Republic of South Africa (Registration number 2005/006913/06)
Share code: SLG ISIN: ZAE000306890
("Salungano Group" or "the Company" or "the Group")
UNREVIEWED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX
MONTHS ENDED 30 SEPTEMBER 2024
Salient features
• Revenue of R2.18 billion (HY24: R1.61 billion)
• Sales volumes 3.2 million tonnes (HY24: 2.1 million tonnes)
• Gross profit R300 million (HY24: R124 million)
• Normalised EBITDA of R272 million (HY24: -R81 million)
• Operating expense of R196 million (HY24: R168 million)
• Total net income R88 million (HY24: R34 million)
• Headline earnings per share 21.56 cents (HY24: 90 cents loss)
• Earnings per share 21.48 cents (HY24: 8.19 cents)
• Net Asset Value per share 23 cents (HY24: 37 cents)
• Interest bearing borrowings R387 million (HY24: R461 million)
• Cash generated from operations R234 million (HY24: R396 million)
• Ordinary cash dividend of Nil cents per ordinary share (HY24: Nil)
Financial results
Salungano Group's performance during the first half of FY2025 improved markedly from the
comparative period as the Moabsvelden mine's production increased by 9.7%. Whilst Moabsvelden
contributed significantly towards the Group's profitability, the Vanggatfontein Colliery was placed under
care and maintenance.
The Group continued to operate with only the Moabsvelden Eskom contract, with the Vanggatfontein
Colliery continuing to supply Eskom through rectification into the Neosho contract. Sales volumes were
3.2 million tonnes (HY24: 2.1 million tonnes) resulting in a 36% increase in revenue to R2.2 billion
(HY24: R1.6 billion).
Gross profit increased significantly to R300 million (HY24: R124 million) as a result of higher production
and sales. The higher production volumes resulted in lower fixed cost per unit and the gross profit
margin improved to 13.8% (HY24: 7.7%). The increase is due to lower production costs and low coal
buy-in costs resulting in lower cost of sale per tonne.
The Group made an operating profit of R183 million compared to an operating loss of R236 million in
the comparative period. EBITDA of R272 million was achieved against a comparative EBITDA of -R81
million. For both operating profit and EBITDA, the comparative period was adjusted by R403 million to
remove the once-off profit on loss of control over Wescoal Mining which occurred on 24 August 2023.
Financed costs amounted to R129 million (HY24: R156 million) which is the interest costs on the debt
facilities and the unwinding of the discount on the rehabilitation obligations. The lower interest expense
is as a result of the reduction in the debt facilities.
The improvement in operational performance resulted in a headline profit of 21.56 cents per share
(HY24: loss of 90 cents).
Shareholders are advised that any forward-looking statements provided herein are the responsibility of
the directors and have not been reviewed or reported on by the Company's external auditor.
Results Announcement
This results announcement is the responsibility of the board of directors of Salungano, and is only a
summary of the information contained in the unreviewed condensed consolidated interim financial
results for the six months ended 30 September 2024 ("Results") and does not contain full or complete
details. The Results, as published on SENS, can be found on the Company's website at
https://salunganogroup.com/wp-content/uploads/2025/12/2024-September-Unreviewed-Condensed-
Consolidated-Interim-Results.pdf and can be accessed using the following JSE cloudlink:
https://senspdf.jse.co.za/documents/2025/jse/isse/slge/hy25.pdf
Any investment decisions by investors and or shareholders should be based on consideration of the
Results as a whole. These Results have not been audited or reviewed by the Company's auditors, SNG
Grant Thornton Inc.
For and on behalf of the Board
Dr Humphrey Mathe Robinson Ramaite
Chairman Chief Executive Officer
Registered office:
Building 10, Woodmead Business Park
142 Western Service Road, Woodmead, Sandton, 2191
Woodmead
12 December 2025
Sponsor
Merchantec Capital
Date: 12-12-2025 03:00:00
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