South African petrochemical firm Sasol said on Tuesday its annual profit rose 9% from a year ago, buoyed by higher crude oil prices and increased fuel sales volumes. 

Sasol's headline earnings per share – a profit measure – came in at R38.31 in the year ended June 30, compared with R35.13 the previous year.

The company, which uses coal and natural gas to produce synthetic fuel and chemicals, said a 7% increase in the average Brent crude oil price helped propel its income.

Brent crude prices spiked after Israel and the United States launched strikes against Iran in late February this year. Prices have remained elevated and volatile as the ongoing conflict and disruptions to shipping through the Strait of Hormuz have heightened concerns over global oil supply security.

Sasol once again skipped paying a dividend as its $3.3-billion net debt remained above the $3-billion cap in terms of its dividend policy.

Sasol is one of the world's most carbon-intensive energy companies and its Secunda coal-to-liquids facility is considered one of the largest single-site sources of greenhouse-gas emissions globally.

The company plans to decarbonise by reducing its dependence on coal, increasing renewable energy use, improving operational efficiency and incorporating natural gas and green hydrogen as lower-carbon feedstocks for its industrial processes.

Sasol aims to have 2 000 MW of renewable electricity capacity by 2030, primarily based on long-term power purchase agreements with independent suppliers.

The company said it has so far contracted for 1 370 MW of its targeted renewable energy supply, with 510 MW of that already operational and saving the company as much as R550-million annually.