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R28.9 billion

Revenue, up 12%

R7.8 billion

Cash generated by operations, up 47%

R7.2 billion

EBITDA, up 22%

R12.43 per share

Final dividend

R6.4 billion

Equity-accounted income, up 37%

R5.43 per share

Special dividend



Group revenue increased by 12% to R28 924 million (2019: R25 726 million), mainly due to higher commercial coal revenue and record coal export volumes as well as the inclusion of renewable energy sales from 1 April 2020.


Earnings decreased by 26% to R7 283 million (2019: R9 809 million) or 2 902 cps (2019: 3 908 cps). The decrease in earnings was mainly due to the BEE Parties sharing in the consolidated Eyesizwe results for 12 months in 2020, compared to two months in 2019, partially offset by better profitability from controlled operations and higher equity-accounted income from non-controlled operations.

Other contributing factors for the lower earnings were:

  • Impairment of the ECC operation, amounting to R1 378 million
  • Impairment of investments in associates, amounting to R504 million
  • An increase in finance costs of R692 million, mainly relating to the consolidation of Cennergi from 1 April 2020
  • Gain on partial disposal of our Tronox investments (including the realisation of the foreign currency revaluation reserve) amounting to R2 336 million in 2019,

partially offset by:

  • Improved EBITDA performance of R1 293 million
  • R1 718 million increase in our share of income of equity-accounted investments
  • Gain on deemed disposal of the Cennergi JV amounting to R1 321 million.
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