Equity accounted investments (Tables)

12 Months Ended

Jun. 30, 2025

Schedule of interest in equity accounted investments and total carrying values


	Country of		Interest	2025	2024
Name	incorporation	Nature of activities	%	Rm	Rm
Joint ventures
ORYX GTL Limited	Qatar	GTL plant	49	8 530	10 379
Sasol Dyno Nobel (Pty) Ltd	South Africa	Manufacturing and distribution of explosives	50	400	321
Associates
Enaex Africa (Pty) Ltd	South Africa	Manufacturing and distribution of explosives	23	562	483
The Republic of Mozambique Pipeline Investment Company (Pty) Ltd (ROMPCO)	South Africa	Owning and operating of the natural gas transmission pipeline between Temane in Mozambique and Secunda in South Africa for the transportation of natural gas produced in Mozambique to markets in Mozambique and South Africa	20	2 737	2 823
Other equity accounted investments			Various	730	736
Carrying value of investments				12 959	14 742

Summarised financial information for the Group's share of equity accounted investments which are not material


	2025	2024
for the year ended 30 June	Rm	Rm
Summarised financial information for the Group’s share of equity accounted investments which are not material*
Operating profit	233	181
Profit before tax	284	211
Taxation	(109)	(64)
Profit for the year*	175	147
Other comprehensive income	13	57

The financial information provided represents the Group’s share of the results of the equity accounted investments.

Schedule of capital commitments relating to equity accounted investments


	2025	2024
Capital commitments relating to equity accounted investments	Rm	Rm
Capital commitments, excluding capitalised interest, include all projects for which specific Board approval has been obtained up to the reporting date. Projects still under investigation for which specific Board approvals have not yet been obtained are excluded from the following:
Authorised and contracted for	2 188	3 579
Authorised but not yet contracted for	491	852
Less: expenditure to the end of year	(1 731)	(2 963)
	948	1 468

Summarised financial information for the Group's material joint ventures


	Joint venture
	ORYX GTL Limited
	2025		2024
for the year ended 30 June	Rm		Rm
Summarised statement of financial position
Non-current assets*		17 784	14 985
Deferred tax asset		490	1 218
Cash and cash equivalents		861	1 147
Other current assets		6 833	6 416
Total assets		25 968	23 766
Non-current liabilities		6 602	778
Current liabilities		1 350	1 807
Tax payable		608	—
Total liabilities		8 560	2 585
Net assets		17 408	21 181
Summarised income statement
Turnover		14 475	10 871
Depreciation and amortisation		(3 316)	(2 106)
Other operating expenses		(7 728)	(5 263)
Operating profit before interest and tax		3 431	3 502
Finance income		49	178
Finance cost		(189)	(46)
Profit before tax		3 291	3 634
Taxation		(1 357)	(1 286)
Profit and total comprehensive income for the year		1 934	2 348
The Group’s share of profits of equity accounted investment		948	1 151
49% share of profit before tax		1 613	1 781
Taxation		(665)	(630)

Reconciliation of summarised financial information
Net assets at the beginning of the year		21 181	21 824
Earnings before tax for the year		3 291	3 634
Taxation		(1 357)	(1 286)
Foreign exchange differences		(440)	(767)
Dividends paid**		(5 267)	(2 224)
Net assets at the end of the year		17 408	21 181
Carrying value of equity accounted investment		8 530	10 379

Non current assets mainly include property plant and equipment.

In 2025 ORYX GTL Limited declared a dividend of R5,3 billion (R2,2 billion in 2024).

Summarised financial information for the Group's material associates


	Associate
	The Republic of
	Mozambique Pipeline
	Investment Company
	(Pty) Ltd (ROMPCO)**
	2025	2024
for the year ended 30 June	Rm	Rm
Summarised statement of financial position
Non-current assets*	2 658	4 570
Cash and cash equivalents	964	1 051
Other current assets	2 219	721
Total assets	5 841	6 342
Non-current liabilities	514	659
Current liabilities	220	162
Tax payable	166	501
Total liabilities	900	1 322
Net assets	4 941	5 020
Summarised income statement
Turnover	4 777	4 800
Depreciation and amortisation	(651)	(622)
Other operating expenses	(442)	(437)
Operating profit before interest and tax	3 684	3 741
Finance income	231	169
Finance cost	(17)	(15)
Profit before tax	3 898	3 895
Taxation	(1 051)	(1 247)
Profit and total comprehensive income for the period	2 847	2 648
The Group’s share of profits of equity accounted investment
20% share of profit before tax	780	779
Taxation	(210)	(249)
	570	530
Amortisation of fair value adjustment on acquisition of investment	(70)	(70)
Share of profits of equity accounted investment	500	460
Reconciliation of summarised financial information
Net assets at the beginning of the year	5 020	4 672
Earnings before tax for the year	3 898	3 895
Taxation	(1 051)	(1 247)
Dividends paid	(2 926)	(2 300)
Net assets at the end of the year	4 941	5 020
Carrying value of equity accounted investment	2 737	2 823
Historical net asset value	988	1 004
Group’s share of fair value adjustment on acquisition of investment	1 749	1 819

Non current assets mainly include property plant and equipment.

Based on management accounts.

Schedule of material related party transactions


	2025	2024	2023
for the year ended 30 June	Rm	Rm	Rm
Transactions with joint ventures
Total sales and services rendered from subsidiaries to joint ventures	335	3	743
Total purchases by subsidiaries from joint ventures	10	18	7
Transactions with associates
Total sales and services rendered from subsidiaries to associates	2 214	2 574	2 924
Total purchases by subsidiaries from associates	3 991	4 332	3 441