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MyMoney Online

Sasol’s US dollar debt-mountain swells as it reports heavy losses (R91.3bn)

17 August 2020 6:26 PM

It's been a horrendous year for Sasol. The Money Show’s Bruce Whitfield interviews its CEO, Fleetwood Grobler.

It’s like a mini-Eskom in America!

Bruce Whitfield, The Money Show

Sasol on Monday reported a loss of R91.3 billion for the year ending on 30 June 2020.

Headline earnings per share fell by more than 100% (to minus R11.79).

The petrochemical group’s debt – mostly in US dollars - now stands at R189.7 billion (up from R130.9 billion).

Sasol warns of write-downs totalling R111.6 billion – more than its entire market cap.

The company’s share price was down 3.91% by 2 pm.

The Money Show’s Bruce Whitfield interviewed Fleetwood Grobler, CEO at Sasol.

It was really dire… We shut down the Sasolburg refinery for two months… In Secunda, we reduced to around 75%...

Fleetwood Grobler, CEO - Sasol

We produced more chemicals, demand remained healthy…

Fleetwood Grobler, CEO - Sasol

Demand is gradually recovering…

Fleetwood Grobler, CEO - Sasol

We have chemicals going into santisers and cleaning products… demand was strong…

Fleetwood Grobler, CEO - Sasol

The divestment programme is unfolding… There’s more to come in the next month or so… rights issue is still on the table…

Fleetwood Grobler, CEO - Sasol

Listen to the interview in the audio below.


17 August 2020 6:26 PM

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