Harmony Gold chief executive Beyers Nel has hailed the company’s results for the first half of the 2024–25 financial year (H1 FY25) as excellent.
The miner recorded a 19 per cent increase in group gold revenue to $US1.976 million, up from the $US1.590 million recorded in H1 FY24.
A 33 per cent increase in net profit to $US445 million was driven by a strong, flexible balance sheet and a record interim dividend payout of $US78 million.
“The excellent H1FY25 results are on the back of our unwavering commitment to improving our safety performance and delivering consistent, predictable production,” Nel said.
“While we have historically been a gold producer, we are on the cusp of introducing near-term copper which will further de-risk and diversify our production profile.”
Harmony reported a two per cent increase in underground recovered grades, and a 23 per cent increase in average gold prices – up $US4237 per ounce (/oz) compared to $US1900/oz in H1 FY24.
“Harmony continues to generate stellar cash flows, and our balance sheet is robust, flexible and in a significant net cash position,” Nel said. “The gold price has continued to rally since the beginning of the 2025 calendar year, enhancing our strong financial position.
“We remain disciplined and responsible with our capital allocation, and we will not deviate from our risk-based approach to decision-making. Having a balanced approach to capital allocation will enable us to deliver on our growth aspirations and ensure we continue to create real long-term value for our shareholders and our stakeholders.”
Production, grade, cost and capital guidance for FY25 remains unchanged.
