South African petrochemical firm Sasol saw a 9% rise in annual profit, supported by higher crude oil prices and stronger sales of coal-based fuel and chemicals, according to the company's latest half-year report on September 1.

Headline earnings per share rose to 38.31 rand ($2.37) in the year ended June 30, compared with 35.13 rand for the same period in the previous year, while adjusted EBITDA reached 60.7 billion rand, up from 51.8 billion rand a year ago, the company said.

The company attributed the growth to a 7% increase in average Brent crude prices, which spiked after Israel and the U.S. launched strikes against Iran in late February, and have remained elevated amid disruptions to shipping through the Strait of Hormuz.

Despite higher earnings, Sasol said net debt of $3.3 billion remained above the $3 billion cap set under its dividend policy.

The company, which uses coal and natural gas to produce synthetic fuel and chemicals, is among the world's most carbon-intensive energy firms, with its Secunda coal-to-liquids facility considered one of the largest single-site sources of greenhouse gas emissions globally.

Sasol plans to cut emissions by reducing coal dependence, increasing renewable energy use and incorporating natural gas and green hydrogen.

The company is targeting 2 GW of renewable electricity capacity by 2030 through power purchase agreements with independent suppliers, and said it has contracted 1.37 GW so far, with 510 MW operational and saving the company up to 550 million rand annually.