Harmony Gold Mining Company Limited (HMY) Q2 2025 Earnings Call Transcript

2025-03-04 09:12:02 ET

Harmony Gold Mining Company Limited (HMY)

Q2 2025 Earnings Conference Call

March 04, 2025 03:00 AM ET

Company Participants

Beyers Nel - Chief Executive Officer

Boipelo Lekubo - Financial Director

Jared Coetzer - Investor Relations

Conference Call Participants

Arnold Van Graan – Nedbank

Adrian Hammond - SBG

René Hochreiter - NOAH Capital

Felicity Robson - Bank of America

Presentation

Beyers Nel

Good morning, everybody. My name is Beyers Nel, and it is a privilege for me to present my first set of results to you in my capacity as CEO. I'm joined today by our Financial Director, Boipelo Lekubo in presenting the operational and financial results for the half year ended 31 December, 2024. Please take note of our safe harbor statement.

Harmony delivered a stellar set of interim results. Our underground recovered grades increased to 6.4 grams per tonne ahead of our full year guidance. Group production was about 25,000 kilograms or 800,000 ounces for the first half also ahead of guidance. Our all-in sustaining cost remains well controlled and on track to beat guidance too.

In rand terms, all-in sustaining costs was about ZAR 972,000 a kilogram or just under US$1,690 per ounce. All-in costs for the reporting period, which includes our major capital was just over ZAR 1 million per kilogram, or US$1,810 per ounce. And it's because of our relatively low capital intensity that this is not much higher than the all-in sustaining costs.

We generated record interim operating free cash flows of ZAR 10.4 billion, or US$579 million. The operating free cash flow margin has expanded to 29% as a result of our investment in quality ounces, and of course, the high gold price we received. Our headline earnings per share has grown by 33% to ZAR 12.70 per share, or US$0.71 per share and we are delighted to announce a record interim dividend payout of ZAR 1.4 billion for the half year....

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