After a brutal couple of years for platinum miners, the metal's rebound is showing up in the numbers. Northam Platinum told the market that its 2026 financial year, to 30 June, delivered records across the board, led by sales revenue up 64.1% to R54 billion. The main driver was a 57.4% jump in the rand price of its basket of platinum-group metals, which did most of the work in turning firmer prices into record cash, helped by 8% more metal sold.
Profit and production records
Operating profit nearly quadrupled, rising 293.8% to R14.2 billion, lifting the operating margin to 26.2% from 10.9%, while EBITDA, or operating cash earnings, climbed to R16.7 billion. Headline earnings per share are guided at 3,006 to 3,082 cents, roughly eight times the 380.8 cents of a year earlier, and basic earnings are guided even higher at 3,488 to 3,564 cents, up more than 800%. Own platinum-group-metal production rose 4.4% to a record 938,754 ounces, and chrome concentrate 17.4% to 1.69 million tonnes; the Eland mine, still ramping up its underground operation, turned its first operating profit at 60% of steady-state output while lifting its own PGM production almost 26%, a particularly strong contributor to the record year. Costs stayed contained, with unit cash cost per ounce up 6.4% to R27,376, and the group commissioned 3 shaft at its Zondereinde mine. It ended the year with R13.7 billion of gross cash and a R2.7 billion net cash position.
More cash for shareholders
On the back of a record year, Northam lifted its minimum dividend floor from 25% to 40% of headline earnings, bringing policy into line with the 42% it has actually averaged over three years. It also set out Vision 2031, a plan to grow sales beyond 1.5 million ounces of PGMs and two million tonnes of chrome. News24 noted the record production, revenue and earnings underpinning the higher payout. Even so, the shares are down about 21% so far this year, though up around 25% over twelve months.
The year was not without cost: three employees died in separate incidents at Zondereinde. Audited results are due on 28 August.
