Tharisa (THA) has reported its financial results for the year ending September 2025, which demonstrated the resilience of its co-production business model in a challenging and volatile commodity market. The company’s performance was shaped by two opposing market forces: a significant decline in metallurgical-grade chrome prices, which put pressure on revenue and a strong increase in the platinum group metals (PGM) basket price, which provided a crucial counterbalance. By successfully leveraging its multi-commodity stream and maintaining disciplined operational control, Tharisa navigated these challenges to deliver a profitable year.
● Revenue: $602.9 million, down from $721.4 million in the prior year.
● Gross profit: $191.3 million, an increase from $184.6 million.
● Profit for the year: $79.1 million, down from $82.9 million.
● Headline earnings per share (HEPS): $0.27, down from $0.28.
● Final Dividend: A final gross cash dividend of $0.015 per share has been proposed.
Tharisa’s latest update highlights a shift that strengthens future growth and operational sustainability rather than relying on short-term commodity pricing. The company’s transition towards underground mining marks a critical step in securing lifelong production capacity and unlocking deeper ore bodies, supporting consistent output through market cycles. Progress at the Karo Platinum project in Zimbabwe further enhances the long-term outlook, with development now largely de-risked and positioned to deliver a new, growth-oriented production stream once operational. Tharisa’s 2026 financial year guidance suggests confidence in operational stability, while its vision 2030 roadmap signals a business focused on scaling its footprint, commercialising technology-driven efficiencies and enhancing its multi-commodity exposure. This blend of disciplined execution, resource sustainability and diversified revenue pillars places the company in a strong position to manage volatility in chrome and PGM markets, while building durable and compounding growth for investors over the coming decade.
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** This article was prepared by BROKSTOCK analyst Maboko Seabi
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