The share price of African Oxygen (Afrox) jumped 7.2% to R19.99 when the JSE opened on Monday morning after it issued an upbeat trading statement. Afrox said it expected to report on February 22 that its headline earnings per share (HEPS) for the year to end-December rose between 31% and 41%. Part of the improvement was thanks to ArcelorMittal SA paying the gas supplier R165m to settle a legal dispute in November. Basic earnings per share (EPS) are expected to improve by between 39% and 49%. "The increase in EPS is largely due to improved margins from operational efficiencies and a reduction in fixed costs, as a result of the restructuring initiatives initiated in previous corresponding period, together with the settled litigation," Afrox said.
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