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Thu 29 Jul 2010
Close: 29 400c 
Day's move: 550c (1.91%)
Volume: 805 393
Trades: 2 527
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Turnover declined by R58.1 billion (R83.1 billion). Gross profit decreased by R20.5 billion (R32.4 billion) and operating profit more than halved to R10.5 billion (R21.5 billion). Net attributable profit was also down by more than 50% to R6.3 billion (R13.2 billion). In addition, headline earnings on a per share basis fell to 1 067cps (2 192cps).
Dividend
An interim ordinary dividend of 280cps has been declared.
Outlook
There has been some stability in global chemical markets and it is anticipated that this will continue in the second half of the year. Although the current levels of chemical product demand and product prices currently lag behind crude oil prices, the strength of the rand/US dollar exchange rate remains the single biggest external factor exerting pressure on profitability. Crude oil prices have increased from the lows of a year ago and have remained stable in the USD70-80 per barrel range.
Sasol is anticipating some improvement in overall production volumes for the full year. Taking into account, however, the continuing challenging economic conditions and our assumptions in respect of crude oil and product prices, tight refining margins as well as the stronger rand/US dollar exchange rate, the group remains cautious in its outlook for the full year compared with 2009. The current volatility and uncertainty of global markets makes it difficult to be more precise in this outlook statement. The board has decided to increase the interim dividend given the signals of recovery seen in the global economy and the proactive measures taken by management in response to the global economic crisis. Focus remains on the company's growth strategy in the interest of the preservation of long-term shareholder value. Sasol expects to maintain dividend policy within the targeted range of 2.5 times to 3.5 times annual earnings cover for the full year dividend.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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