CEO Commentary on results:

Despite a challenging operational environment, Merafe produced a pleasing set of financial results for the 2018 financial year. The uncertainty created by geopolitical events such as Brexit and trade wars resulted in lower realised CIF ferrochrome prices. Profit after tax decreased by 25% mainly as a result of lower ferrochrome sales volumes, lower average net CIF ferrochrome price and a marginally stronger average Rand:US$ exchange rate. A total dividend of R351 million has been released to shareholders for the year.

2018 year in review


  • 10% improvement in TRIFR to 3.39

    (2017: 3.74)

  • 3% increase in ferrochrome production to 407kt

    (2017: 395kt)

  • 25% decrease in HEPS to 27.2 cents

    (2017: 36.4 cents)

  • Cashflow from operating activities decreased to R478 million

    (2017: R1 400 million)