Implats resumes dividend despite profit drop as platinum prices rebound

The Money Show's Stephen Grootes is joined by Nico Muller, CEO of Impala Platinum.

Impala Platinum (Implats) has reported what it called 'a commendable performance' across its mining and processing assets for the financial year to end-June 2025.

The Group said profitability was affected by muted rand PGM prices and lower sales volumes, as gains from higher dollar platinum group metal (PGM) prices were offset by the strengthening rand.

Implats generated EBITDA (earnings before interest, taxes, depreciation, and amortization) of R9.9 billion.

Headline earnings dropped 70% to R732 million (82 cents per share), from R2.4 billion the previous year.

Revenue decreased 1% to R85.5 billion.

The miner closed the period with an adjusted net cash balance (excluding limited recourse funding and finance leases) of R8.1 billion and improved liquidity headroom to R19.7 billion.

Despite the fall in profits, Implats resumed its dividend at 165 cents per share.

The Group is also bullish about the outlook for platinum prices, which haverebounded in the last few months.

'We are confident we are heading into better times', says Implats CEO Nico Muller.

"We've seen movement between regions of physical metal, mainly from Europe to particularly the US but also China, and that has meant a reduced physical liquidity and a resultant increased price.. This is on the back of changes in trade relations brought on by tariffs, and the need to secure a supply chain of critical minerals."

Nico Muller - CEO Impala Platinum

"In addition to that we've seen continuous lower supply forecasts both for primary and secondary supply, and also a lower electric vehicle battery penetration rate forecast, which means an improved demand for our metal."

Nico Muller - CEO Impala Platinum

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