Stefanutti earnings rise on recovery plan
Construction group Stefanutti Stocks has posted a rise in earnings as its recovery plan kicked in during the year ended February 28, 2015.
“Although the tough market conditions in the Southern African construction industry prevailed during the past year, we have had a particularly successful year and achieved the targets set under our stated recovery plan for 2015,” said Stefanutti CEO Willie Meyburgh on Thursday.
The company’s earnings a share and diluted headline earnings a share increased 69% and 73% to 146.8c and 133.2c, respectively.
Profit for the year increased to R203-million from the R118-million posted in the prior year, while operating profit surged 50% to R335-million during the year under review.
The group generated a profit after tax of R259-million during the 12 months to February 2015, a 70% rise on the restated R152-million posted in the prior year.
Revenue increased 15% to R10.6-billion, while the construction company’s operating margin increased from 2.4% in the period to February 28, 2014, to 3.2% for the current financial year.
The group’s overall current order book declined slightly to R12.4-billion from R12.8-billion.
“The short- and medium-term prospects in Southern Africa, especially in the transport infrastructure and oil and gas markets, look promising and we are pleased with the status of our non-South African order book which is currently standing at R4.2-billion,” enthused Meyburgh.
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