Thungela Resources (LSE:TGA) told investors it expects earnings per share of between R10.75 and R11.10 for the six months ended 30 June, up from R1.93 in the prior-year period.
The South African coal producer said earnings attributable to shareholders are expected to reach between R1.3 billion and R1.4 billion for the half. Headline earnings per share, which strips out one-off items, is expected to be between R4.60 and R4.95, versus R1.92 a year earlier, with headline earnings attributable to shareholders of between R580 million and R630 million.
Thungela said the gap between the two measures reflects a non-cash profit, of R1.0 billion, recognised on the sale of the Kleinkopje mining right, which is excluded from the headline earnings calculation.
The company said earnings were also affected by ongoing volatile market conditions during the period.
News Intelligence what this means for the company
Thungela guided to H1 2026 EPS of R10.75–R11.10, a fivefold jump from R1.93 a year earlier, but the bulk of the gain—a non-cash R1.0 billion profit on the Kleinkopje mine sale—is a one-off. Stripping that out, headline EPS of R4.60–R4.95 shows underlying earnings roughly doubled year-on-year, though the company flagged volatile market conditions during the period and noted key judgements are still being finalised.
The earnings beat is real but heavily dependent on a non-recurring asset sale; the operational doubling in headline EPS is more material to the core business case. The company's exposure to coal price volatility and the energy transition remains unchanged by this guidance.
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