Thungela Resources declared an interim dividend of R5.50 a share after reporting higher first-half earnings, supported by stronger coal prices and improved production.
Earnings per share increased to R10.95 from R1.93 in the comparable period, while headline earnings per share rose to R4.80 from R1.92.
The coal miner reported revenue of R15.2 billion for the six months to June, while adjusted EBITDA came in at R1.3 billion and net profit at R1.4 billion.
Cash generated from operations was R2.6 billion. After R705 million of sustaining capital expenditure, adjusted operating free cash flow was R1.9 billion.
Thungela ended June with net cash of R6.1 billion.
The board declared an interim dividend of R5.50 a share, amounting to R773 million.
Group export saleable production increased 6% to 8.5 million tons, while export sales rose 12% to 9.5Mt.
In South Africa, export saleable production was 6.3Mt, supported by improved performance at Khwezela and continued strong production from Mafube.
Export sales reached 7.4Mt, helped by improved Transnet Freight Rail performance and additional rail allocation opportunities.
Industry rail performance improved to an annualised rate of 59.9Mt from 56.8Mt in 2025.
Asked during a results Q&A whether Thungela could increase third-party coal volumes as rail capacity improves, CEO Moses Madondo said the miner would prioritise moving its own production through the network.
He said Thungela would seek to maximise its own production against the capacity available from TFR, while remaining open to third-party opportunities where they arise.
At Ensham in Australia, export saleable production increased to 2.2Mt from 1.6Mt in the comparable period, following improved management of mining conditions.
Free On Board (FOB) costs fell to R1,466 per export ton, below the company’s guidance range.
Thungela kept its full-year South African export saleable production guidance of between 13Mt and 13.6Mt and Ensham guidance of between 3.9Mt and 4.2Mt.
