Sasol results boosted by oil price, rand and victory in tax dispute with Sars
It’s totally unacceptable where we are [referring to Lake Charles]… We’ve already started generating revenues… Construction is virtually complete… We’ve learned our lesson…Bongani Nqwababa, joint-CEO - Sasol
We are where we are [referring to Lake Charles]… We need to focus on getting returns to shareholders…Bongani Nqwababa, joint-CEO - Sasol
Sasol released results on Monday, saying its headline earnings for the half year to 31 December 2018 rose by 32% to R23.25 a share.
Sasol benefited from a rebound in oil prices for most of 2018, as well as a weaker rand relative to the dollar.
Moves to cut costs during the earlier 3-year decline in the price of oil is paying off.
Its massive US (Lake Charles) investment – which is turning Sasol into a global chemicals giant - is now 94% complete while capital expenditure has reached $10.9 billion (R150.6 billion).
Sasol increased its interim dividend by 18% to 590 cents (ZAR).
The company’s profitability was given a boost by a R1.3 billion tax dispute with the South African Revenue Service (Sars) which went Sasol's way.
Nqwababa spoke about his company’s results and the volatile oil price.
Listen to the interview in the audio below.
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