Based in Johannesburg, South Africa, Sasol Limited functions as an integrated chemical and energy enterprise with a global footprint, organized into six ...
Sasol Limited (NYSE: SSL) is a customer-focused global chemicals and energy company headquartered in Johannesburg. The company was formed in 1950 and has grown into an integrated enterprise that links feedstock sourcing, large-scale manufacturing, product blending, and marketing across multiple geographies. Sasol’s operations are commonly described through major business areas ...Sasol Limited (NYSE: SSL) is a customer-focused global chemicals and energy company headquartered in Johannesburg. The company was formed in 1950 and has grown into an integrated enterprise that links feedstock sourcing, large-scale manufacturing, product blending, and marketing across multiple geographies. Sasol’s operations are commonly described through major business areas that support both energy value chains and chemicals manufacturing, allowing it to convert natural resources and other inputs into fuels, chemical intermediates, and specialty products.
From a business perspective, Sasol participates in upstream-to-downstream activities such as gas and liquids value chains. It is involved in the exploration, development, production, and distribution of natural gas, including pipeline networks, and it also mines coal. In parallel, Sasol manufactures and sells fuels and fuel components, including products such as bitumen, motor fuels, gas-to-liquid-derived fuels, illuminating paraffin, and synthetic kerosene. This energy positioning complements its chemicals business, which includes a range of monomers, ammonia, chlor-alkali-related products, carbon compounds, explosives, fertilizers, glycols, polymers, and waxes, as well as specialty chemicals used in niche end markets.
Product and service offerings extend beyond traditional manufacturing. Sasol wholesales certain refined products such as diesel and petrol, and it provides engineering expertise in the broader energy and industrial ecosystem. The company’s chemicals portfolio spans both industrial and consumer-oriented applications—such as cleaning agents, degreasers, and materials used across sectors including automotive, agriculture, aviation, healthcare, packaging, and textiles.
Economically, Sasol operates a capital-intensive industrial model (large plants and long-lived assets), meaning cost structure and working capital dynamics are heavily influenced by feedstock inputs, turnaround schedules, utilization rates, logistics, and commodity cycles. In financial disclosures and metrics, the company’s business mix and cash generation are typically assessed through margins at the product level and cash-flow coverage of capital expenditure, reflecting the ongoing need to maintain and upgrade industrial capacity.
Key people leadership includes Simon Baloyi as Chief Executive Officer, with Muriel Dube serving as Chairman (as cited in the provided leadership references). The company also emphasizes technology and process know-how as a differentiator; Sasol is frequently described as integrating sophisticated technologies and processes to transform inputs into energy and chemical outputs.
Looking ahead, Sasol’s strategic focus includes advancing lower-carbon energy solutions and leveraging its technological capabilities to reduce emissions and improve efficiency—an area that influences investment priorities, long-term competitiveness, and the evolution of its portfolio.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$266.5B
+7.0%
-8.2%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$11.9B
+75.8%
-89.4%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+30.8%
-27.6%
-13.8%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+20.9%
+35.6%
-22.6%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+4.5%
+64.3%
-88.5%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$11.8B
-8.8%
-94.4%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+4.4%
-14.7%
-93.9%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
68.1%
-13.9%
+4.6%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.79x
-4.6%
-11.6%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Tiffany Sydow: Good morning, and welcome to Sasol's Interim Results Presentation for Financial Year 2026. My name is Tiffany Sydow from Investor Relations. And on behalf of the Sasol executive management team, we are pleased that you could join us today. With me is Simon Baloyi, our President and CEO of Sasol; and Walt Bruns, the Chief Financial Officer. The group executive management team is also present and will join for the market call, which follows directly after the presentations. A reminder that the presentation and all supporting financial materials are available on our website. Turning to the agenda for today. A reminder that our strategy follows a two-pillar approach. Firstly, to strengthen our foundation business, where Simon will begin today's presentation with our business overview, then followed by Walt, who will take us through the financial performance for the half year. The second pillar addresses our pathway to grow and transform the business in the long term, where Simon will conclude and provide an update on our progress. A market call will then follow immediately after the presentation where you can submit your questions via the webcast or join in the teleconference facilities. A reminder that the presentation contains some forward-looking statements and more detail is reflected on the slide in front of you. I would now like to hand over to Simon to commence his presentation. Thank you.
Simon Baloyi: Good day, everyone. Thank you for joining us today. We value your time. The business environment remains volatile and the challenges are here. Our priorities are clear, and our execution is improving. Our strategy shared at Capital Markets Day in May 2025 remains unchanged to strengthen our foundation business while positioning Sasol to grow and transform. Today, I'll take you through the progress we are making on the journey, the areas where we're seeing traction and where our focus lies for the second half of the financial year. Let me start by framing the key themes for today. Firstly, safety. Nothing is more important than ensuring that every employee and every service provider returns home safely to their loved ones. While we are seeing encouraging improvements in leading indicators, the tragic fatality in September is a stark reminder that we are not yet where we need to be. Secondly, operational delivery in Southern Africa. Our focus on coal quality, reliability and disciplined maintenance is starting to restore stability across the entire value chain. Thirdly, International Chemicals. The reset is progressing. Markets are, however, tougher than we anticipated, but the action within our control are delivering structural cost improvements and positioning the business for recovery. Fourthly, cash flow and balance sheet resilience. Despite challenging macros, we generated positive free cash flow by executing on the levers within our control. And finally, we continue to advance our Grow and Transform strategy in a pragmatic …