Despite a 14% drop in total PGM production (6E) to 3.8Moz for the Dec 2020 year (FY/CY 20), Anglo American Platinum has lifted profit 63% on the previous year to R30.3B.
The PGM production (platinum, palladium, rhodium, iridium, ruthenium and gold) fall was mainly down to the shutdown of operations due to national Covid-19 lockdowns that cost the company about 712,300oz PGM.
The bottom line was on net sales revenue jumping 38% to R137.8B, primarily due to an improvement in PGM prices and higher sales, mitigating the supply disruption.
The adjusted EBITDA was a record R41.58B, up 39% on FY/CY 19, mainly due to higher $US PGM prices, particularly for palladium and rhodium, and the weaker rand/dollar exchange rate. However, Platinum output fell 14% to 1,762,700oz and Palladium slid 12% to 1,222,300oz, which meant lower cash operating costs.
The company finished FY/CY 20 with net cash up 8% to R18.7B.