Welcome to our dedicated page for Sasol news (Ticker: SSL), a resource for investors and traders seeking the latest updates and insights on Sasol stock.
Sasol Limited (NYSE: SSL) is an international integrated energy and chemicals company with operations spanning across 37 countries. With a talented workforce exceeding 31,000 employees, Sasol excels in developing and commercializing advanced technologies, and building world-scale facilities that produce a variety of high-value products such as liquid fuels, chemicals, and low-carbon electricity.
Core Business Segments
- Energy Business: This segment focuses on the production and marketing of liquid fuels and pipeline gas, drawing from Sasol's upstream oil and gas interests and coal mining operations.
- Chemical Business: This segment generates the majority of the company's revenue by producing and marketing commodity and performance chemicals globally.
While maintaining a strong commitment to its home base in South Africa, Sasol is expanding internationally, leveraging its unique value proposition that combines the talent of its people with technological innovation. Over the past six decades, Sasol has been a pioneer in innovation, adapting its methods, facilities, and products to meet evolving market needs and stakeholder expectations. This dynamic approach has enabled the company to sustain long-term shareholder value.
Recent Achievements and Financial Condition
Despite challenging macro-economic conditions, including volatile oil and petrochemical prices and inflationary pressures, Sasol has continued to make significant strides. For the six months ended December 31, 2023, Sasol reported revenue of R136.3 billion, although this was lower than the prior period's R149.8 billion due to decreased chemical product prices. Earnings before interest and tax (EBIT) were R15.9 billion, reflecting a 34% decrease from the previous period.
The company also declared an interim dividend of 200 cents per share for the six months ended December 31, 2023. This decision underscores the company's confidence in its liquidity and solvency, ensuring that capital remains sufficient to support ongoing operations.
Current Projects and Partnerships
Sasol continues to invest in innovative projects and sustainable initiatives. Recent announcements include the company's commitment to reducing its environmental footprint and improving air quality, as evidenced by the appeal to the National Environmental Management: Air Quality Act, which was upheld, allowing Sasol to apply load-based limits for SO2 emissions from April 2025 to March 2030.
Additionally, Sasol's production and sales performance metrics for the three months ended September 30, 2023, and six months ended December 31, 2023, have been published, showcasing the company's ongoing operational improvements and strategic initiatives.
Overall, Sasol Limited remains a significant player in the energy and chemicals sectors, continually evolving to meet market demands and stakeholder expectations while delivering sustainable value to its shareholders.
Sasol (SSL) has announced significant changes to its Board of Directors. Ms Muriel Dube has been appointed as the new Chairman of the Board, effective September 13, 2024. Dube, who joined the Board in 2018, brings extensive experience in sustainability, commercial, finance, and leadership roles. Following Dube's appointment, Dr Martina Flöel has been named the new Lead Independent Director.
The Board has also undergone committee restructuring. Mr David Eyton will now chair the Safety, Social and Ethics Committee and join the Audit Committee and Nomination and Governance Committee. Ms Katherine Harper has been appointed to the Remuneration Committee. These changes aim to leverage the Board's expertise as Sasol progresses towards a sustainable future business.
Sandstorm Gold Royalties (NYSE: SAND, TSX: SSL) has provided updates on drilling and exploration activities across its portfolio of streaming and royalty assets. Key highlights include:
1. Lundin Gold's Bonza Sur gold discovery at Fruta del Norte, with plans for a maiden resource estimate by mid-2025 and a potential new 10,000-15,000 tpd open pit mine.
2. High-grade drill results from Bonterra's Phoenix JV Moss Target, including 38.33 g/t gold over 1.1m.
3. Awalé Resources reported significant gold intercepts at Odienné, including 45.7 g/t gold over 32m at the Charger Zone.
4. Antipa Minerals completed Phase 1 drilling at Minyari Dome, expanding the GEO-01 discovery with near-surface high-grade gold mineralization.
5. Troilus Gold announced a new West Rim Zone discovery near its main deposit, with ongoing drilling to expand resources.
Sasol has filed its annual report on Form 20-F for the financial year ended 30 June 2024 with the US Securities and Exchange Commission (SEC). The report, which includes the annual financial statements, is identical to the version published on 20 August 2024. It is now available on the SEC's website, Sasol's own website, and can be obtained free of charge upon request from Sasol Investor Relations.
The report has also been incorporated into Sasol's Domestic Medium-Term Note programme and is available for inspection. Holders of these notes can access the report through a secure electronic connection if desired.
Sasol (SSL) has announced the appointment of Ms Elizna Viljoen as the new Group Company Secretary, effective January 1, 2025. Viljoen, who brings over 23 years of experience in the company secretarial field, will join Sasol from Anglo American. She holds a B.Com in Marketing Management and is a Fellow of the Chartered Governance Institute of South Africa. The Board of Directors expressed confidence in Viljoen's expertise to fulfill the role's responsibilities. Ms Helaine Joubert, the current Deputy Group Company Secretary, will continue to act as Group Company Secretary until December 31, 2024.
Sasol clarifies its greenhouse gas (GHG) reduction target amid media reports suggesting a possible revision. The company reaffirms its commitment to a 30% reduction by 2030 but is refining pathways to achieve this goal. Sasol emphasizes the need for agility in responding to the changing global landscape and energy security needs. The refinement process may involve shifts in feedstock, energy, and products to support a more sustainable pathway. Sasol is prioritizing value creation opportunities for a balanced approach across People, Planet, and Profit considerations. The company will provide a detailed update at its Capital Markets Day in 2025. Sasol's 2024 Integrated Report, available on their website, outlines more information on their approach.
Sasol (SSL) has published its annual reports for the financial year ended 30 June 2024. The reports include the Integrated Report, Annual Financial Statements, and Tax Report. These documents are now available on Sasol's website and can be obtained free of charge. KPMG, Sasol's external auditors, expressed an unmodified opinion on the annual financial statements. The company's annual report on Form 20-F will be filed with the US Securities and Exchange Commission (SEC) at a later date. Sasol has also updated its report on the application of the King IV corporate governance code, which is now available on their website.
Sasol reported challenging financial results for the year ended 30 June 2024. Key points:
- Turnover decreased 5% to R275.1 billion due to constrained margins and depressed chemicals prices
- Recorded a loss before interest and tax (LBIT) of R27.3 billion compared to EBIT of R21.5 billion in 2023
- Impairment loss of R56.7 billion net of tax, mainly related to Chemicals America assets
- Headline earnings per share fell 66% to R18.19
- No final dividend declared due to net debt exceeding policy threshold
- Changed dividend policy to 30% of free cash flow if net debt below $4 billion
- Stronger operational performance in Q4 partially offset challenging conditions
Sasol (SSL) has announced the appointment of Walt Bruns as its new Chief Financial Officer and executive director, effective September 1, 2024. Bruns, currently the CFO of Sasol Southern Africa, will replace Hanré Rossouw, who is stepping down on August 31, 2024. With 15 years of experience at Sasol and extensive global expertise in chemicals and energy sectors, Bruns is well-positioned for the role. He holds a Bachelor of Commerce degree and is a certified chartered accountant in South Africa. The Board expressed confidence in Bruns' ability to drive sustainable value and support Sasol's strategic transformation.
Sasol (SSL) released a trading statement for the financial year ended 30 June 2024, reporting challenging market conditions. Adjusted EBITDA is expected to decline by 2-17% to between R54.7-64.7 billion. The company reported a net loss of R55.8 billion after tax, primarily due to impairments in its Chemicals America and Africa operations. Basic loss per share is expected to be between R68.82-71.48, compared to EPS of R14.00 in the prior year. Headline earnings per share are expected to decrease by 59-77% to R12.28-21.95. The company also announced the retirement of non-executive director Ms Nomgando Matyumza on 8 September 2024.
Sasol (SSL) has received a favorable decision from the Minister of Forestry, Fisheries and the Environment regarding its appeal for alternative regulation of sulphur dioxide (SO2) emissions at its Secunda Operations. The Minister has permitted SO2 emissions from the steam plant boilers to be regulated on an alternative emission load basis from 1 April 2025 to 31 March 2030. On 26 July 2024, Sasol was notified of the concentration-based limits to be applied alongside the load-based limit. This decision allows Sasol to proceed with implementing its load-based integrated solution.
Sasol will now apply to the local licensing authority to incorporate these limits into its atmospheric emissions license (AEL) for Secunda Operations, ensuring lawful operations from 1 April 2025. This development marks a significant regulatory milestone for Sasol's environmental compliance strategy.
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