Harmony Gold Surges on Higher Gold Prices and Record Dividend

Harmony Gold, South Africa's largest gold producer, reported an 87% surge in annual profit to 43.63 rand ($2.73) per share for the year ended June 30.

This significant increase was largely driven by a 35% rise in the average gold price, which helped offset the impact of lower gold output and grades.

The company's headline earnings per share came in at 43.63 rand, up from 23.37 rand in the prior year, allowing it to pay a record dividend of 7.50 rand per share.

Harmony also benefited from its copper portfolio, with copper output from its newly acquired CSA mine in Australia coming in at 18,207 metric tons, toward the upper end of its guidance.