Exxaro Resources reported a profit fall due to lower coal prices in 2023, but highlighted healthier earnings from its renewable energy business. Despite a 17% decline in revenue and a 22% drop in headline earnings, the company benefited from higher iron ore prices and a strong cash position, leading to the payment of a special dividend.
While lower coal prices helped prompt a profit fall for Exxaro Resources in 2023, the coal miner said it had seen a healthier earnings contribution from its renewable energy business. Revenue fell 17% to R38.7 billion in the year to end-December and headline earnings 22% to R11.3 billion, the Eskom supplier reported on Thursday. It grappled with lower export prices relative to a buoyant 2022.
However, higher iron ore prices provided support, and while the group cut its final dividend by 11% to R10.10, it cited a strong cash position in its decision to pay a special dividend of R5.72 per share
Exxaro Resources Profit Fall Renewable Energy Coal Prices Revenue Earnings Iron Ore Prices Dividend
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