Afrimat on Thursday posted another set of healthy results as the JSE-listed company continued the momentum which had seen it grown its revenue rapidly since the 2012 financial year.

Labelled as a specialist openpit miner, and no longer a construction materials supplier, acquisition-hungry Afrimat recorded a 38.8% increase in revenue for the six months ended August 31, compared with the same period last year, to R931.9-million. Profit for the period increased by 48.8%, to R75.3-million.

Net cash from operating activities increased 37.1% to R119.1-million.

Revenue for the full 2102 financial year was R996-million.

CEO Andries van Heerden said in Johannesburg that Afrimat had restructured to reflect its new business interests, with the aggregates, industrial minerals, contracting, concrete products and ready-mix businesses now formed into two new divisions, namely mining and aggregates, and concrete-based products.

The mining and aggregates subsidiary currently made up 84.8% of Afrimat’s turnover.

Afrimat had, since 2011, acquired the Glen Douglas dolomite mine, the Clinker Group and the majority share in struggling resources group Infrasors.

Van Heerden said there could be more acquisitions in Afrimat’s future, but added that the company was currently focused on “rather consolidating what it had”.

He said there was significant synergy between Infrasors and Afrimat, and Afrimat was seeking ways to fully exploit this. Afrimat management was also still required to spend quite some time and effort to complete the turnaround at Infrasors.

However, “this does not exclude the possibility of new acquisitions, but there is nothing on the horizon for the new few months”.

Infrasors added more dolomite, as well as limestone and silica sand to Afrimat’s portfolio.

As for the company’s continued quest to seek business operations outside South Africa, Van Heerden said Afrimat would not rush into the rest of Africa.

“There is a bit of a feeding frenzy going on there right now.”

However, he noted that Afrimat had a team tasked with investigating several business opportunities outside South Africa.

As for the South African environment, Van Heerden said there had been an uptick in both the building and civil confidence indices, which indicated that “things are a lot better than a year or two ago”.

The construction industry absorbed many of Afrimat’s products.

There was also a significant backlog in infrastructure in South Africa, which meant that there was continued demand for the company’s products.

Afrimat declared an interim dividend of 11c a share.