Sasol reported HEPS up 9.0% to R38.31, above guidance midpoint of R38.00. Turnover increased 9.2% to R272.12bn, supported by higher sales volumes. Higher volumes, stronger oil prices and refining margins drove earnings growth, despite a stronger rand and impairments. Sales volumes increased 4%, while capital expenditure fell 18% to R20.87bn. Net debt fell 11% to $3.3bn, but remained above the dividend threshold, so no final dividend was declared. Working capital reached 18.3% of turnover, exceeding the 15.5% to 16.5% target range.
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