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Audited Consolidated Financial Results for the year ended 31 March 2024
SALUNGANO GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 2005/006913/06)
Share code: SLG ISIN: ZAE000306890
("Salungano" or "the Company" or "the Group")
AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2024
"FY2024 was a defining period for Salungano Group, marked by intense operational and financial
headwinds that tested the resilience of our business. It was a year in which our core coal mining and
trading operations faced severe strain, necessitating urgent interventions to safeguard the group's
future. From production disruptions and liquidity constraints to governance breakdowns, the
challenges were multifaceted – yet they galvanised a comprehensive restructuring effort to stabilise
and refocus the business. I am deeply proud of the fortitude shown by our management team and
employees in navigating these difficulties, and I commend the collective effort that has positioned
Salungano for recovery."
Robinson Ramaite
Chief Executive Officer
www.salunganogroup.com
• Revenue decreased to R3.65 billion (FY23: R4.79 billion)
• Gross profit increased to R292 million (FY23: R129 million)
• Operating loss decreased to R309 million (FY23: R745 million loss)
• Loss per share decreased to 34.89 cents (FY23: 168.52 cents loss per share)
• Headline loss per share increased to 111.91 cents per share (FY23: 58.65 cents loss per share)
• No dividend declared for the period (FY23: nil cents per share)
This results announcement is the responsibility of the directors of Salungano and the content was
approved by the board on 7 October 2025. This results announcement does not include full or complete
details of the audited consolidated financial statements for the year ended 31 March 2024 ("2024
AFS") released on SENS on 7 October 2025. Any investment decision should be based on the 2024
AFS as a whole. None of the information in this announcement has been reviewed or reported on by
the Company's auditors.
The 2024 AFS have been audited by the Company's auditor, SNG Grant Thornton, who expressed a
disclaimer opinion thereon due to material uncertainty about the Company and Group's ability to
continue operating as a going concern. Additionally, in accordance with the auditor's responsibilities
in terms of sections 44(2) and 44(3) of the Auditing Profession Act, the auditor reported that
reportable irregularities were identified and reported to the Independent Regulatory Board of
Auditors. The matters pertaining to the reportable irregularities are described in note 46 of the 2024
AFS. The audit opinion setting out, inter alia¸ the 'Basis for disclaimer of opinion', together with the
2024 AFS, is available on the Company's website at: https://salunganogroup.com/investors/annual-
reports-and-results/?tab=annual-financial-statements
and on the JSE's cloudlink at:
https://senspdf.jse.co.za/documents/2025/jse/isse/slge/FY24.pdf
Woodmead
7 October 2025
Sponsor
Merchantec Capital
Date: 07-10-2025 05:00:00
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