South African Petrochemicals Company Sasol Limited today released full results for the year ending in June 2015, lowering its dividend after weaker oil prices hit earnings.

The world’s top maker of motor fuel from coal, Sasol decreased its full-year dividend to $0.82 from $0.97 last year.

The company which relies on oil for 40% of its revenue, said its fall was partly offset by a weaker rand exchange rate, higher sales, and cost cuts. “Through our tailored business planning, we are making steady progress in mitigating the challenges of a low oil price environment”, outgoing Chief Executive Officer David Constable said in a statement publishedin the Company’s website.

The price of Brent crude oil fell by more than a third during the reporting period with shares in the company falling by a similar margin, reported Reuters.

Sales volumes of liquid fuels increased by 5% and performance and base chemical sales were up by 2% the company said.

The company explained its plans to “conserve cash” had enabled it to pursue growth projects in southern Africa and the United States.