(Reuters) -South African thermal coal exporter Thungela Resources said on Monday its 2024 profit declined 29% on the back of lower prices for the fossil fuel.
Thungela’s profit for the year through December 2024 fell to 3.544 billion rand ($194.79 million) from 4.97 billion rand previously.
Thermal coal prices remained soft during the year due to subdued demand in Europe, where milder winter conditions resulted in high coal and gas stock levels.
The company produced 13.6 million tons of coal from its South African mines, above its expected range of 11.5 million tons and 12.5 million tons, thanks to improved freight rail performance at state-owned logistics company Transnet.
The miner, which acquired Ensham mine in Australia to mitigate the risk posed by South Africa’s logistics bottlenecks, said the Queensland mine produced 4.1 million tons of coal during 2024.
Thungela declared a final dividend of 11 rand per share, bringing the total payout for 2024 to 13 rand, compared to 20 rand in 2023.
($1 = 18.1943 rand)
(Reporting by Nelson Banya, Editing by Louise Heavens and Bernadette Baum)
