(Adds detail on outlook)
By Adria Calatayud
Anglo American Platinum Ltd. said Monday that net profit for last year more than doubled on the back of higher platinum prices and steady production, and that Chief Executive Chris Griffith will step down in April.
The South Africa-based platinum miner, which is majority owned by Anglo American PLC, said profit was 18.50 billion South African rand ($1.24 billion) compared with ZAR6.90 billion a year earlier.
Headline earnings, the company's preferred metric which strips out certain items, came to ZAR18.60 billion, up from ZAR7.59 billion in the prior year and in line with the company's guidance of between ZAR17.55 billion and ZAR19.06 billion.
Revenue rose 33% to ZAR99.55 billion in 2019, the company said.
Anglo American Platinum declared a final dividend of ZAR41.60 a share, including a base dividend of ZAR16.60 a share and a special dividend of ZAR25.00 a share, it said.
Mr. Griffith will step down at the company's annual general meeting on April 16 after more than seven years, Anglo American Platinum said. His successor is expected to be an internal candidate from the Anglo American group and will be named in the near future, the company said.
The company said the medium-term outlook for platinum-group metals remains positive, with the three major PGMs--platinum, palladium and rhodium--expected to be in a combined fundamental deficit in 2020. This, combined with robust demand, will continue to drive strong earnings, it said.
Anglo American Platinum said PGM production is expected to be between 4.2 million and 4.6 million ounces.
Write to Adria Calatayud at firstname.lastname@example.org