HLM Results Neutral
HULAMIN LIMITED - Unaudited Consolidated Results for the Six Months Ended 30 June 2026
Hulamin Limited
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What this filing means
Reported earnings swung sharply positive. Hulamin's HEPS from continuing operations rose to 79cps from 14cps on operational recovery and high metal prices — and the swing in basic EPS from a loss to 75cps reads as a clean turnaround. The catch is that the share had already run up 33.5% in the 20 days before the announcement, and a 31 July trading statement had pre-flagged the trajectory, so this is largely confirmation rather than fresh news. The harder edge is quality: normalised HEPS fell 62%…
Bull case
- Operating profit from continuing operations more than doubled to R395m, a clean swing from R165m in H1 2025.
- HEPS from continuing operations jumped to 79 cps from 14 cps, with metal price tailwinds aiding the recovery.
Bear case
- Reported HEPS gain to 79cps is driven by metal price tailwinds, while normalised HEPS collapsed 62% YoY to 10cps, revealing the underlying earnings deterioration.
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