The Johannesburg-listed miner said headline earnings per share rose 13% to R14.31 ($0.88) in the six months ended December 31, up from R12.70 a year earlier.
Harmony, South Africa’s largest gold producer, declared an interim dividend of R5.30 per share, more than double the R2.27 paid in the previous comparable period.
The payout translates into a record dividend of about R3.38 billion (around $208 million) for shareholders.
Gold rally fuels miner earnings
The strong performance comes as gold prices surged globally, driven by geopolitical tensions, expectations of U.S. interest rate cuts and rising purchases by central banks seeking to diversify reserves amid a broader global de-dollarisation trend.
Gold prices climbed about 60% in 2025, one of the strongest rallies in decades for the precious metal.
The momentum has continued into this year, with bullion gaining nearly 30% to approach a record high of around $5,600 per ounce by the end of January.
The surge has significantly improved margins for gold miners such as Harmony, whose operations are largely concentrated in South Africa and Papua New Guinea.
Backed by global investors
Harmony Gold is widely held by global institutional investors, including major asset managers such as BlackRock, Vanguard and South African investment giant Public Investment Corporation (PIC), one of the largest asset managers on the African continent.
The company has also attracted attention from international commodity investors seeking exposure to gold amid rising global uncertainty and persistent inflation risks.
What it means for South Africa
The results highlight the growing importance of the gold sector to South Africa’s mining economy, particularly at a time when global demand for safe-haven assets is rising.
Higher profits and dividends from major producers such as Harmony are expected to generate greater tax revenues, stronger investor confidence and increased foreign capital inflows into the country’s mining sector.
South Africa remains one of the world’s most historically significant gold producers, and the recent price surge has revived optimism around the industry’s profitability despite rising operational costs and aging mines.
For investors, Harmony’s record dividend underscores how the global gold rally is translating directly into shareholder returns, while reinforcing South Africa’s position as a key player in the global precious metals market.
WHISH BILLIONAIRE IS BACLKING IT
