SYNTHETIC fuel producer Sasol posted a surge in full-year earnings led by a sharp jump in international world oil prices and a weaker rand. Sasol posted fully diluted headline earnings of R6.74 in the year ending June 25, versus R3.77 in the previous 12 months. Sasol declared a total dividend for the year of 2.20 rand versus 1.51 rand, slightly below analysts forecasts of 2.35 rand. The firm benefited from an average derived oil price of $19.70 a barrel compared to $14.70 while the average rand-dollar price was R6.28 to the dollar from R6.03. Higher sales volumes and cost reductions also buoyed the bottom line. Operating profit rose 73% to R6.4bn and the firm said it expected profit growth in the coming financial year. ”The group’s continuing cost-reduction initiatives, supported by a strong business optimisation drive, will contribute significantly to profit growth,” Sasol said in a statement. Improved earnings were led by Sasol Synthetic Fuels (SSF) division which saw operating profit rise 126% to R3.98bn on record production of 7.1 million tonnes and advantageous oil and rand developments. – Reuters