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Print[Ferro-Alloys.com]JSE-listed openpit miner Afrimat’s diversification strategy, along with a particularly strong iron-ore price, have supported the company’s overall profitability and ability to generate cash, despite impacts caused by the Covid-19 pandemic, in the financial year ended February 28.
The group posted a 47.5% year-on-year increase in operating profit to R886-million, enabling it to declare a final dividend of 112c a share – bringing the total dividends for the year to 148c a share.
This compares with a profit of R601-million posted for the year ended February 29, 2020, and a total dividend of 117c apiece declared in 2020.
Headline earnings per share (HEPS) for the year under review were 27% higher at 441.7c, compared with the prior year’s HEPS of 347.7c.
CEO Andries van Heerden says Afrimat is in the best financial position it has ever been in and has been consistently growing its HEPS by more than 22% a year, on average, over the last decade.
He adds that, if Afrimat had not embarked on acquisitions and its diversification strategy, HEPS would have been lower than zero by now, considering the impact of Covid-19 on the construction materials business that the company started out with.
Meanwhile, a 13.4% year-on-year increase in cash generated from operating activities to R767-million resulted in an improvement in the company’s net debt to equity ratio from 8.2% in the prior year to 3.8% in the reporting year.
CFO Peter de Wit points out that the company has grown its cash generation by about 17% a year from 2017 to this year.
He adds that the company spent about R290-million in capital expenditure (capex) in the year under review and that Afrimat plans to spend about R221-million on capex in the 2022 financial year.
source:Mining Weekly
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- [Editor:李慧]
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