South Africa’s largest gold miner, backed by Patrice Motsepe, posts $2 billion in half-year revenue
- Harmony Gold’s revenue jumped 19.3% to $2 billion, while net profit soared 33% to $445 million, driven by higher gold prices.
- Operating free cash flow rose 46% to $577 million, enabling a 54% increase in the interim dividend to $78.57 million.
- Harmony is advancing its copper strategy, leveraging global assets like Papua New Guinea’s Hidden Valley mine to drive future growth.
Harmony Gold, South Africa’s largest gold miner backed by Patrice Motsepe, Africa’s first Black billionaire, reported impressive results for the six months ended Dec. 31, 2024 (H1 2025). Revenue hit $2 billion, boosted by rising gold prices and strict cost management.
The Johannesburg-based mining giant saw revenue jump 19.3 percent to R35.45 billion ($2 billion), up from R29.71 billion ($1.59 billion) a year earlier.
The increase was driven by a 23 percent rise in the average gold price to R1.41 million/kg ($2,437/oz). Net profit surged 33 percent to R7.93 billion ($445 million), while headline earnings per share (HEPS) also rose 33 percent to R12.70 ($0.69).
Operating free cash flow increased by 46 percent to R10.4 billion ($577 million), and the company ended the period with a record net cash position of R7.3 billion ($398 million). While all-in sustaining costs (AISC) rose 15 percent to R972,261/kg ($1,686/oz), expenses remained within guidance, reflecting disciplined financial management.
Source: BILLIONAIRESAFRICA
