Lower benchmark iron ore prices and sales and a stronger rand weighed on Kumba Iron Ore’s full-year earnings, with revenue falling 21% and a 38% decline in adjusted earnings before interest, tax, depreciation and amortisation (ebitda).
Revenue for the year ended December declined to R68.5bn from R86.2bn the previous year, due to a 21% decrease in the average realised free-on board (FOB) iron ore export price of $92/wet metric tonnes which resulted in a R17.6bn decrease in revenue, a 2% decrease in total sales volumes of 36.3-million tonnes, resulting in a R2bn decline in revenue, and a 1% stronger average rand-dollar exchange rate, leading to a R400m decrease in revenue.
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