CEO Commentary on results:

Due to the challenging operational environment characterised by weak demand and lower realised prices, Merafe has produced a subdued set of financial results for the six months ended 30 June 2019. Profit after tax decreased by 61% mainly as a result of lower ferrochrome and chrome ore prices. This effect was offset by a weaker average Rand:US$ exchange rate and higher sales volumes. Working capital, in particular high stock volumes, continues to be a focus area for the Company. No interim dividend has been declared.

2019 half year in review


  • Regrettably 1 fatality


  • 30% improvement in TRIFR1 to 2.36

    (December 2018: 3.39)

  • 61% decrease in HEPS and EPS3 6.6 cents

    (June 2018: 16.9 cents)

  • 124% increase in cashflow from operating activities to R197 million

    (June 2018: R88 million)