South African thermal coal exporter Thungela expected a 100% increase in its earnings last year, thanks to record-high coal prices in the global market after the Russia-Ukraine conflict.
It expected its headline earnings per share between 130 rand ($6.99) and 133 rand ($7.15) for the year ended December 31, compared from 61.08 rand in 2021. HEPS is the most common measure of profit in South Africa.
Coal prices spiked last year as the existing supply pattern was twisted by a series of sanctions western countries imposed on Russia after the conflicted, sending prices soaring and boosting incomes of coal miners.
South Africa's coal exports were subdued by limited transport capacity of railways, which suffer problems such as a lack of locomotives, cable theft and damage to infrastructure vandalism, which prevented if from operating at full capacity.
(Writing by Alex Guo Editing by Harry Huo)
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