South32 posts 29% lift in first-half profit, hikes dividend
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The news: Diversified miner South32 delivered a 29% leap in first-half net profit to USD464 million ($651 million) and reiterated its FY26 production and unit cost guidance.
Revenue from continuing operations slid 3% year on year to USD2.81 billion. However, the company declared an interim dividend of 3.9 US cents per share, a 15% uptick on the prior corresponding period.
South32 also increased its capital management program by USD100 million to USD2.6 billion, with USD209 million remaining to be returned to shareholders.
The context: The company said the result was driven by higher commodity prices during the period, which amounted to an earnings boost of USD131 million year over year.
South32 said lower controllable costs and the restart of operations at its Australia manganese mine added USD44 million and USD100 million respectively, compared to the prior corresponding period, offsetting lower contributions from its Illawarra metallurgical coal and Cerro Matoso sites post divestment.
The source: ASX
