By Michael Susin

Thungela Resources Ltd. reported Tuesday a swing to profit for 2021 driven by strong demand and record price levels, and declared a dividend payout on its first full-year result as a listed company.

The coal export business--a spinoff of Anglo American PLC--posted a profit of 6.94 billion South African rand ($465.2 million) for the year compared with a loss of ZAR362 million in 2020.

Revenue rose to ZAR26.28 billion from ZAR3.75 billion, boosted by robust demand and record levels of thermal coal prices.

The company expects to continue benefiting from strong thermal coal prices in 2022 and beyond, it said.

The board has declared a dividend of ZAR18.0 a share.

Shares at 0853 GMT were up 3.89 pence, or 3.9%, at 163.0 pence.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

March 22, 2022 05:11 ET (09:11 GMT)

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