JSE-listed Salungano Group's shares surged more than 26% on June 24 after the coal miner announced it expects earnings per share (EPS) of between 50.64c and 51.14c for the financial year ended March 31, 2026.

This represents a dramatic turnaround from the prior year's EPS of just 2.54c. Headline earnings per share (HEPS) are expected to land between 50.59c and 51.11c, compared to 2.62c previously.

The company, which owns and operates coal mines including Elandspruit, Khanyisa Complex, Vanggatfontein and Moabsvelden collieries, attributed the performance improvement to increased production and sales volumes. In the six months to September 2025, the group's Moabsvelden mine saw production increase by 9.7%, contributing significantly to profitability.

Salungano has staged a recovery from recent challenges. The company had been in breach of its loan facilities since June 2023, and its interim headline loss widened to 90c per share in the prior corresponding period. However, a standstill agreement with lenders was concluded, and the group's revolving credit facility was settled on November 28, 2025.

The company plans to publish its full-year results on or about June 30, 2026. The financial information in the trading statement has not yet been reviewed by the company's auditors.