Harmony Gold Reports Record Revenue Amid Share Price Dip
Harmony Gold Mining Company reported record revenue and profit for its FY26 fiscal year, but its share price dipped 5% due to concerns over rising capital spending. The company's financial results showed a 34% increase in revenue to R99.2 billion, with net profit more than doubling to R29.5 billion. Harmony's all-in sustaining cost margin expanded from 31% to 42%, driven by higher gold prices.
The company's production guidance was met for the 11th consecutive year, producing 44,464 kilograms of gold. Its high-grade underground operations generated R11.6 billion in adjusted free cash flow, while international assets such as Hidden Valley in Papua New Guinea achieved a 68% margin.
Harmony is shifting its focus to copper production with the acquisition of CSA and Eva Copper projects. The company aims to produce approximately 40,000 tonnes of copper by FY29 from CSA and 60,000 tonnes annually from Eva once it begins production in 2028.