Sasol delivered strong financial results, against the backdrop of increased volatility resulting from ongoing geopolitical tensions, extended COVID-19 lockdowns and global supply chain disruptions.
Sasol warned of a further delay at its giant Lake Charles chemicals project, pushing back the startup of the final unit by a couple of months.
Sasol plunged the most in more than two decades after the company delayed its financial results for a month to coincide with a report on what went wrong during construction of its near-$13bn Lake Charles chemical project in Louisiana.
Sasol said capital costs at its Lake Charles chemicals project in Louisiana have increased once again, to as much as $11.8bn, and the startup will be delayed by as many as five months.
Amid political shocks hitting SA, investment analyst Mark Ingham warns of interest rate sensitive stocks and advises investors to steer clear of SA bonds.
Johannesburg-based Sasol says full-year profit fell 17% after a sustained collapse in energy prices resulted in writedowns.