Anglo American Platinum (AMSJ.J) (Amplats) expects its 2022 annual profit to be down as much as 52%, hit by a decline in sales of platinum group metals (PGM) after a delayed smelter rebuild, it said on Monday.
The company, which is due to report annual results on Feb. 20, said that headline earnings per share (HEPS) – the main profit measure in South Africa – are expected to be between 144.31 rand and 201.28 rand, down from 300.42 rand in 2021.
Johannesburg-listed Amplats said PGM sales volumes fell 26% last year after refined metal output declined by 25% to 3.831,1 million ounces, from a record 5.138,4 million ounces in 2021.
This was mainly because of a two-month delay in the rebuild of Amplats’ Polokwane smelter owing to delivery of sub-standard materials, the company said.
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