Afrimat H1 earnings to rise
JSE-listed Afrimat on Tuesday said it expected to report a 35% to 45% year-on-year increase in headline earnings for the six months ended August 31.
Headline earnings a share and earnings a share were also expected to show an improvement of between 35% and 45% on that of the first half of the previous financial year.
Afrimat noted that the results of Infrasors, which it acquired during the six months under review, were included from March 1.
The company’s mining and aggregates business generated “excellent” profits despite tough trading conditions in most regions, while the industrial minerals operations had performed strongly.
The concrete-based products segment recorded a satisfactory increase in sales volumes and sales prices; however, a strike at the Gauteng operation and high cost increases resulted in lower profits for the period.
Afrimat planned to release its results on or about October 31.
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