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Merafe declares cash dividend on record profit, elevated chrome
Ferrochrome and chrome company Merafe achieved a record profit of R1,753-million despite what it describes as a challenging economic environment in the 12 months to December 31.
Net cash generated by operating activities increased by 11% to R1,879-million, helping to take the cash balance to R1,656-million, while earnings before interest, taxes, depreciation and amortisation rose 18% to R2,545-million.
Ferrochrome production decreased by 22% to 300,000 t.
Chrome ore sales volumes were significantly elevated and realised prices increased owing to buoyant chrome demand and supply constraints. However, demand for ferrochrome was weaker compared with prior years, which resulted in lower sales volumes and lower realised prices.
Going forward, a slowdown will likely follow the resilience that characterised 2023, the company predicts, amid the Glencore-Merafe Chrome Venture having laid a foundation that should help the company to withstand looming headwinds.
The company opting to remain focused on efficient operations, cash preservation, cost control, and deft capital allocation.
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- [Editor:邢亚敏]
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