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Afrimat's full-year headline profit up 25.4%

Minerals and construction materials supplier Afrimat said on Thursday, 18 May, that its full-year headline profit was up 25.4% due to a strong performance in its mineral-producing operations.
© Ivan Kruk – 123RF.com
Headline earnings per share (HEPS) rose to 156.6c in the year to end-February from 196.4c in the year-earlier period, the company said.

The company has two divisions. The aggregates and industrial minerals division accounts for the bulk of the revenue, while the concrete-based products division accounts for the balance.

"This improvement in earnings resulted from a strong performance of the mineral-producing operations across all regions," the company said.

Operating margin improved to 18.2% from 16.3% as cash generated from operations increased to R406m from R320.3m through the company's efficiency improvement drive.

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Late in April, Momentum SP Reid Securities analyst Sibonginkosi Nyanga said Afrimat had the right exposure to the right markets, which enabled it to deliver consistent growth.

From a lowly R3.13 a share in 2010, investors have pushed up the stock to R27.24, leaving it with a market value of R4bn.

The company declared a final dividend of 50c per share, which was up from 41c a year ago.

Source: BDpro
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