Sasol FY2026 Profit Surges 87% to R14.5B, But Four Material Weaknesses Persist and Impairments Hit R16.8B
SSL has more than doubled off its 52-week low of $5.24.
Summary
Sasol's FY2026 annual report shows an 87% profit jump to R14.5 billion, but R16.8 billion in impairments and four unremediated material weaknesses in financial controls temper the improvement.
Key Events · Earnings and Guidance · SSL
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FY2026 Profit Rises 87% to R14.5B
Earnings attributable to owners increased to R12,149M from R6,767M in FY2025; basic EPS R18.99 vs R10.60. Turnover rose 9% to R272,118M on higher volumes and product prices.
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R16.8B in New Impairments
Impairments include Secunda liquid fuels refinery (R7,692M), Mozambique PSA (R3,822M), Polyethylene CGU (R3,742M), CTT investment (R462M), and several Sasolburg and Italy CGUs, driven by stronger rand and weaker long-term chemical prices.
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Four Material Weaknesses Remain Unremediated
KPMG issued an adverse opinion on ICFR. Remaining weaknesses relate to risk assessment processes, inadequate resources/understanding of ICFR in South African businesses, revenue recognition controls, and impairment process precision.
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No Dividend Declared
Board declared no dividend for FY2026, prioritizing debt reduction. Net debt fell to R70,863M from R82,249M; covenant ratio improved to 1.08x.
Analysis · SSL · Energy & Transportation
Sasol swung to a R14.5 billion profit in FY2026, up 87% from R7.7 billion, driven by higher sales volumes and favorable product pricing. However, the company booked R16.8 billion in impairments across its Secunda refinery, Mozambique PSA, and several chemical CGUs, reflecting continued pressure from a stronger rand and weaker long-term chemical prices. More concerning for governance, four material weaknesses in internal controls remain unremediated, and KPMG issued an adverse opinion on ICFR — a red flag that has persisted for multiple years. The board declared no dividend, prioritizing debt reduction, with net debt down to R70.9 billion.
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In the 30 days to Sep 11, 2026, 36.1% of the 1753 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.04%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, SSL was trading at $12.19 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $7.7B. The 52-week trading range was $5.24 to $14.37. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.