Harmony Gold Swings to Profit in FY23

SEATTLE (Scrap Monster): Harmony Gold Mining Company Limited announced its financial and operating results for the year ended 30^th June, 2023. The company returned to profit during the year.

The miner reported net profit of $275 million, as compared with net loss of $48 million in FY22. The revenue recorded surge by 16% from $2,804 million a year before to $2,774 million in FY23. The production profit too was up significantly by 46% from $628 million to $787 million over the year. The reported earnings of 44 cents per share compares with loss per share of 8 cents during the prior year. The operating free cash flow more than doubled from $191 million a year before to $339 million.

The gold production witnessed marginal decline by 1% from 1.487 Moz to 1.468 Moz. Also, the company recorded 8% increase in underground recovered grade from 5.37 g/t to 5.78 g/t, said the company press release.

Peter Steenkamp, chief executive officer, Harmony Gold said that the recent investments in people, quality ounces and operational excellence has continued to yield results. Further to the operational consistency and strong free cash flows, the company has declared a full-year dividend of 75 cents per share, he added.