Sasol 1st half boosted by higher oil prices and increased demand

By Ian Walker

sasol ltd. announced on Tuesday a 31% increase in its revenue for the first half of fiscal 2022, as it benefited from a favorable macroeconomic environment, with higher crude oil prices, refining margins and product prices chemicals as well as increased demand following the easing of Covid-19 lockdown restrictions.

The South African chemicals and energy group generated revenue of $4.86 billion in the six months to December 31, compared to $3.70 billion for the same period last year .

The company said it expects production from its Secunda operations to remain constrained until mining productivity rates increase and coal inventories are restored to required levels.

Coal inventory levels for the end of February were revised to 1.0 million to 1.1 million metric tons, the company said.

Mine productivity was maintained between 950 and 1,040 tonnes per continuous miner per shift and Secunda Operations production volumes are forecast between 6.7 and 6.8 million tonnes for the year.

Sasol said chemical sales volumes for the year are expected to be 4% to 8% lower than in fiscal 2021.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswire

01-25-22 0621ET


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Felix J. Dixon