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Highlights

  • S32's H1FY25 revenue surged 24.6% YoY, reaching USD 3.123 billion, driven by higher commodity prices
  • Profit after tax soared by 579.2%, from USD 53 million in H1FY24 to USD 360 million in H1FY25
  • S32 announced an interim dividend of USD 3.40 cents per share for H1FY25, payable on 03 April 2025
  • S32 is focusing on growth in copper and zinc production, with major expansions underway at Hermosa and Sierra Gorda

South32 Limited (LSE:S32) is a mining and metals company. The company’s operations are segmented into Worsley Alumina, Brazil Alumina, Brazil Aluminium, Hillside Aluminium, Mozal Aluminium, Sierra Gorda, Cannington, Hermosa, Cerro Matoso, Illawarra Metallurgical Coal, Australia Manganese and South Africa Manganese.

In the first half of the financial year 2025 (H1FY25), S32’s revenue increased by 24.6% YoY, rising from USD 2.507 billion in H1FY24 to USD 3.123 billion, an increase of USD 616 million. This growth was primarily driven by higher commodity prices, especially for alumina (+53%), aluminum (+16%), and copper (+9%).

Profit After Tax saw a remarkable rise of 579.2%, from USD 53 million in H1FY24 to USD 360 million in H1FY25, an increase of USD 307 million. This improvement was driven by cost efficiencies in key segments, including an 8% reduction in operating unit costs at Cerro Matoso and a 9% decrease per ton of ore processed at Sierra Gorda, leading to better margins and higher revenues.

Additionally, the company has announced an interim dividend of US 3.40 cents per share for the first half of FY25. It covers the period ending December 31, 2024. The dividend is slated to be paid on 03 April 2025.

Company Outlook

S32’s production guidance remains unchanged across most segments, with the exception of Mozal Aluminium, which was revised down to 350kt from 360kt due to civil unrest in Mozambique. The company anticipates growth in copper and zinc production, driven by expansion projects in Arizona (Hermosa) and Sierra Gorda. In addition, lower operating unit costs are expected in H2FY25, supported by weaker producer currencies and ongoing cost efficiencies. S32 continues to invest in the Hermosa Taylor zinc-lead-silver project and the fourth grinding line project at Sierra Gorda to further increase production capacity.

Top 10 Shareholders

The top 10 shareholders of S32 collectively account for approximately 28.73% of the total shares. The Vanguard Group, Inc. holds the largest share, with around 6.12%, followed closely by Australian Super with about 6.10%.

Stock Information

The stock price of S32 has dropped by around 8.29% in the past month and appreciated by around 4.54% in the past six months, respectively. The stock’s 52-week low and high spans from GBX 141.00 to GBX 209.60. As of 21 March 2025, the stock’s closing price is GBX 168.00.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 21 March 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.