Afrimat final results February 2019

Revenue for the year increased 24.6% to R2.966 billion (2018: R2.381 billion), gross profit rose 21.9% to R923.2 million (2018: R757.4 million), operating profit jumped 34.5% to R471.2 million (2018: R350.4 million), while profit attributable to owners of the parent was higher at R301.4 million (2018: R245.7 million). Furthermore, headline earnings per ordinary share grew 29.6% to 234.1 cents per share (2018: 180.7 cents per share).

The group's dividend policy is to maintain a 2.75 times dividend cover. A final dividend of 62 cents per share (2018: 42 cents) for the year was declared on 22 May 2019. The dividend payable to shareholders who are subject to dividend tax is 49.6 cents per share (2018: 33.6 cents per share). Total dividends for the year amount to 81 cents per share (2018: 62 cents per share).

Company prospects
The group is well positioned to capitalise on its strategic initiatives. It foresees continued growth from an excellent asset base, and expects further expansion of its range of unique products. The continuation of selective acquisitions is expected to deliver good results.

Operational efficiency initiatives aimed at expanding volumes, reducing costs and developing the required skill levels across all employees, remains a key focus in all operations.

Afrimat expects the current business climate to continue with the group's future growth driven by the successful execution of its proven strategy, recent acquisitions and a wider product offering to the market.

2019-05-23 07:57:58