KEY POINTS
- Harmony Gold profit rises 67 percent.
- Assets climb 28 percent as dividend hits record.
- Costs stay within guidance despite inflation.
Harmony Gold, South Africa’s largest gold miner, saw a huge jump in annual profits and sales as higher gold prices made up for lower production.
The Johannesburg-based company, which is led by billionaire Patrice Motsepe, saw its net profit rise 67 percent in the year ending June 2025. This shows how strong it is in the face of inflation and global mining difficulties.
Harmony Gold’s profits go up since prices go up
Revenue jumped 20 percent to $4.07 billion, supported by a 27 percent lift in the average gold price to $2,620 an ounce. Net profit reached $824 million, while adjusted free cash flow rose 54 percent to $614 million.
Despite a $253 million hedge loss and weaker output, Harmony boosted its net cash position to $628 million, from just $159 million a year earlier, leaving it in a stronger financial position.
Costs climb but stay within guidance
Operating costs rose 17 percent to $1,806 an ounce on inflationary pressures, but remained within the company’s guidance range. Gold production slipped 5 percent to 1.48 million ounces, though higher grades provided some offset.
The Mponeng mine proved a standout, delivering 19 percent higher production and grades above 11 grams per ton.
Harmony Gold assets and dividend expand
Marking its 75th anniversary, Harmony said assets grew 28 percent to $4.36 billion, with retained earnings surging nearly sixfold. The miner declared a record dividend of $133 million, rewarding shareholders on the back of record cash flow and a decade of meeting production guidance.
According to a report from Billionaires Africa, CEO Beyers Nel said discipline in operations and growth planning had positioned Harmony to fund expansion into copper while continuing to deliver shareholder returns.
