Feb 24 (Reuters) – South African petrochemical firm Sasol SOLJ.J on Monday skipped paying a dividend after reporting a 31% decline in half-year profit on a fall in oil prices and lower sales volumes.

Sasol’s headline earnings per share for the six months to December 2024 were 14.13 rand ($0.7712), down from 20.37 rand during the same period a year earlier.

The company, which produces fuel and chemicals from coal and gas, said its revenue was 10% lower at 122.1 billion rand, mainly due to a 13% drop in the average rand price per barrel of Brent crude oil and a significant decline in refining margins.

Sasol also reported a 5% decrease in sales volumes as a result of lower production and lower market demand.

The company said it did not declare a dividend because it ended the period with a negative free cash flow of 1.1 billion rand, while its net debt of $4.3 billion exceeded levels set in its capital allocation policy.

($1 = 18.3223 rand)

(Reporting by Nelson Banya; Editing by Sonali Paul and Tom Hogue)