COMPANY NEWS IN BRIEF

Sasol declares record dividendSasol has declared a gross final cash dividend of R14.70 per share for the year ended in June as high crude and chemicals prices pushed earnings higher.The dividend is the first to be declared since 2019, it is also the highest dividend per share paid by the synthetic fuels and chemicals group.Sasol said its board is satisfied that the liquidity and solvency of the company, as well as capital adequacy remaining after payment of the dividend, are sufficient to support the current operations for the ensuing year. Sasol on Tuesday delivered a strong set of financial results having benefitted from higher oil and chemicals prices, as well as cost and capital discipline.Earnings before interest and tax of R61.4 billion increased significantly, up from R16.62 billion in the prior year. Headline earnings grew 21% to R29.73 billion.This was offset by lower volume performance mainly due to the operational challenges experienced in the first half of the financial year. Sasol said performance has since improve as operations stabilised in the second half of the financial year."Financial year 2022 was characterised by a number of factors impacting our business, including geopolitical tensions, further Covid-19 lockdowns in China, weather-related events and global supply chain disruptions. These conditions dampened global demand and triggered fears of recession in both advanced and developing economies," Sasol CEO, Fleetwood Grobler said in a statement in the annual results report.-Fin24Ford cuts 3 000 jobsFord Motor said it will cut a total of 3 000 salaried and contract jobs, mostly in North America and India, as it restructures to catch up with Tesla in the race to develop software-driven electric vehicles.Ford Chief Executive Jim Farley has been saying for months that he believed the Dearborn, Michigan, automaker had too many people, and that not enough of its workforce had the skills required as the auto industry shifts to electric vehicles and digital services.Like other established automakers, Ford has a workforce largely hired to support a traditional combustion technology product line-up.Going forward, Farley has mapped out a strategy for Ford to develop a broad line-up of electric vehicles. Like Tesla, Ford wants to generate more revenue through services that depend on digital software and connectivity.Tesla's pre-tax profit margins have exceeded Ford's this year, and Farley has been blunt about the need to cut costs.Rising prices for batteries, raw materials and shipping are putting additional pressure on Ford and other automakers. Still, Ford has stuck to its full-year profit forecast, despite US$3 billion in higher costs due to inflation.Ford has begun separating its operations into electric, combustion engine and commercial vehicle operations. Farley said in July "cost reduction will happen" in the combustion operations. But Ford said on Monday the staff cuts will affect all parts of the company.-Reuters

COMPANY NEWS IN BRIEF

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