Petroleum Africa
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Wednesday, August 23, 2017
Sasol, the South African petrochemicals group, could sell off some of its assets after it posted less than stellar results. The company said that it had begun an asset review after it posted a 15% drop in full-year headline earnings.
The company’s headline earnings per share fell to 35.15 randfrom 41.40 rand in the year to June 30, with the company citing a stronger rand, a provision for tax litigation and industrial action by workers.
The result was in line with levels the company had previously flagged to the market and Sasol said the asset review would look at what should be retained, grown or sold.
“We have initiated a detailed asset review process to ensure all assets in our portfolio deliver against our stringent financial metrics.”
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