Implats profit almost wiped out as lower metal prices bite - but no job cuts, so far

Impala Platinum saw its revenue fall 25% during the six months to December amid lower platinum prices during a period of de-stocking by industrial users and weak investor sentiment. The group expects this confluence of factors to persist in the medium term.

Revenue declined to R43.4 billion, while net profit dropped 89% to R1.7 billion, from R14.8 billion a year earlier. This was even as the group increased the production and sale of its PGMs by 12% to make up for the lower prices. Production volumes were also boosted by the inclusion of Royal Bafokeng Platinum, which was acquired during the period.

"We expect 2024 to be a difficult year, characterised by anaemic precious metal consumer and investor sentiment as economic and geopolitical uncertainty linger, said Implats in a results presentation on Thursday.