March 27 (Reuters) – South African thermal coal exporter Thungela Resources (TGAJ.J) on Monday reported a 97% jump in full-year profit, boosted by record high prices of the fossil fuel.

Thungela’s headline earnings per share (HEPS) – the main profit measure for South African companies – came in at 130.82 rand ($7.19) in the year ended Dec. 31, compared with 66.57 rand in 2021.

Coal prices surged last year as Russia’s invasion of Ukraine in February 2022 worsened an energy crisis that started late 2021.

A European ban on Russian coal tightened supplies and sent prices soaring, boosting the earnings of coal miners from South Africa and elsewhere.

The high coal prices helped Thungela’s cash generation, although rail constraints in South Africa saw the company miss out on three million tonnes of coal exports.

Thungela declared a final dividend of 40 rand per share, bringing the total dividend payout for 2022 to 100 rand per share, returning 13.8 billion rand ($757.38 million) to shareholders in the year.

($1 = 18.2208 rand)

Reporting by Nelson Banya, Editing by Louise Heavens

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