Harmony expects profits to soar

Harmony Gold Mining said its profit in the last fiscal year likely rose 78% after it increased output as bullion prices notched successive records.

The Johannesburg-listed company expects to post earnings per share of as much as R13.88 for the 12 months through June, up from R7.80 in the same period a year earlier, according to a statement released on Monday.

It will release financial statements on 5 September.

Harmony said separately last week that production exceeded guidance last year, growing by 6% to 1.56 million ounces, from mines in South Africa and Papua New Guinea. The precious metal’s price has risen more than 20% since the start of 2024.

Earlier this year, the company said it would extend the life of its Mponeng asset east of Johannesburg. The project—the world’s deepest mine—has become a star performer for Harmony since it was acquired from AngloGold Ashanti in 2020.

Harmony said profit before some one-time items — known as headline earnings — increased by as much as 131.6% to R18.52 per share. The firm’s shares have risen more than 40% since the beginning of the year.