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Harmony Gold, South Africa’s largest gold miner, chaired by South African billionaire Patrice Motsepe, posted stronger-than-expected results for the year ended June 30, 2025. Revenue rose 20 percent to $4.07 billion, while profit jumped more than 76 percent as higher gold prices offset weaker production.
Harmony Gold profit rises 67 percent
The Johannesburg-based miner reported revenue of R73.9 billion ($4.07 billion), up from R61.4 billion a year earlier, lifted by a 27 percent increase in the average gold price to R1.53 million a kilogram ($2,620 an ounce). That gain was partly held back by a R4.6 billion ($253 million) hedge loss.
Net profit climbed 67 percent to R14.55 billion ($824 million) from R8.69 billion ($492 million), while headline earnings per share rose 26 percent to R23.37 ($1.29). Adjusted free cash flow grew 54 percent to R11.14 billion ($614 million), supported by firmer gold prices and better grades. Net cash rose sharply to R11.15 billion ($628 million) from R2.9 billion ($159 million), leaving the company on stronger financial footing.
Costs within guidance despite inflation
Costs increased 17 percent to R1.05 million/kg ($1,806/oz) due to inflation but stayed within guidance. Gold production fell 5 percent to 46,023 kg (1.48 million oz), though grades improved 3 percent to 6.27g/t. The Mponeng mine was a bright spot, with production up 19 percent and grades at 11.27g/t.
As it marks its 75th anniversary, Harmony said it will lean on its high-margin assets and expanding copper pipeline to sustain growth beyond gold. “Our purpose is to create shared value through responsible mining, underpinned by safety, sustainability, and operational excellence,” CEO Beyers Nel said.
Nel added: “In 2025, we met production guidance for the tenth consecutive year and delivered record free cash flows. This discipline has strengthened our financial flexibility, allowing us to fund growth and return value across cycles. We celebrate 75 years with pride in our legacy and confidence in the future.”
Harmony Gold assets up 28 percent
Founded in 1950, Harmony Gold operates in South Africa, Papua New Guinea, and Australia. Total assets rose 28 percent to R77.5 billion ($4.36 billion), from R60.46 billion ($3.32 billion) a year earlier, reflecting ongoing investment. Retained earnings grew from R2.24 billion ($127 million) to R14.58 billion ($826 million) in the first half of 2025.
Motsepe, through African Rainbow Minerals (ARM), holds an 11.8 percent stake in Harmony and played a key role in its 2003 merger with Avmin. The miner declared a final dividend of R1.55 ($0.09) per share, taking its full-year payout to a record R2.4 billion ($133 million). By delivering on production targets for a tenth consecutive year and generating record cash flow, Harmony underscored its ability to balance growth, shareholder returns, and financial stability.
