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.

The Money Show’s Bruce Whitfield interviewed Bongani Nqwababa, joint-CEO at Sasol.

Nqwababa spoke about his company’s results and the volatile oil price.

Listen to the interview in the audio below.

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This article first appeared on 702 : Sasol results boosted by oil price, rand and victory in tax dispute with Sars


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