Implats hikes dividend as profit soars on platinum price rally

Impala Platinum announced a bulked-up dividend after profit in the last fiscal year soared more than 40-fold on a recovery in metal prices.

The Johannesburg-listed firm, Implats, said on Thursday that net income for the 12 months through June was R31.04 billion, up from R761 million a year earlier. The total annual payout to shareholders declared by the company was more than 11 times that of 2025, at R17.1 billion.

Implats was able to “translate improved market conditions into substantially stronger earnings, cash generation and shareholder returns,” chief executive officer Nico Muller said in a statement on Thursday.

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The miner produces platinum-group metals from assets in South Africa, Zimbabwe and Canada, although it’s closing down the North American operations. Prices surged last year on a wave of investment demand, bolstering miners’ fortunes after a multiyear bear market. The rally has cooled this year, but spot platinum remains about twice as high as in early 2025.

South Africa is by far the world’s biggest supplier of platinum, with output dominated by a handful of firms, including Implats and Anglo American’s spinoff Valterra Platinum. The single largest consumer of the metals they sell are exhaust-cleaning devices in gasoline and diesel vehicles. PGMs are also used in jewellery, bullion and other industrial applications.

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The company said it expects long-standing market deficits for platinum and palladium to narrow during the rest of the calendar year, while rhodium will be balanced.

Implats said PGM sales rose 4% in the last fiscal year to 3.51 million ounces, while the average dollar prices received by the firm increased 79%, 75% and 45% for platinum, rhodium and palladium, respectively.

The miner has started life extension projects at two shafts of its flagship Rustenburg complex in South Africa, the company said. Implats said the improved financial performance benefited from the 8.1 billion rand reversal of previously recognised impairments at the Rustenburg unit “due to higher prevailing rand PGM pricing.”

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Headline earnings – which strip out one-time items such as asset writedowns – were up more than 30-fold to R22.9 billion.

Firms like Implats are sensitive to the mass-market adoption of electric vehicles, which don’t use PGMs. While the companies argue that EV uptake has consistently lagged behind forecasts, the industry is searching for new sources of demand to offset upheaval in the auto industry.