South Africa: Sasol Ups Dividend Payout Despite Dip in Profit

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South African-based integrated energy and chemical company Sasol raised its interim dividend slightly despite a 17% drop in net profit for the six months to end-December, a report by Business Day South Africa has revealed.

In its results released on Monday morning, the chemicals group declared a R5 interim dividend, 4% higher than the R4.80 it paid in the matching period in 2016.

Its interim revenue grew 3.8% to R88bn, but higher costs results in its after-tax profit declining 17% to R7.7bn.

One-off costs booked during the reporting period included scrapping a US gas-to-liquids project valued at R1.1bn and a further R2.8bn write-down of its Canadian shale gas assets, leaving their remaining carrying value at R3.5bn.

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