Hulamin’s 2016 financial year brought a turnaround in fortunes after a torrid 2015. Under the leadership of CEO Richard Jacob, the company said on Monday it expected to more than double its full-year earnings when it reports its results later in February. Investors welcomed the news and sent the share price rallying 12% to a high of R7.50, a price last seen in April 2015. In its annual results for end-December 2015, Hulamin’s earnings more than halved as global market conditions in the commodities sector deteriorated significantly. Operating costs were eating into profit margins. Management resolved to cut costs and improve efficiencies. In the year to end-December 2016, Hulamin said it had achieved record sales of 214,000 tonnes for its rolled products due to its initiatives. Local sales of rolled products increased to more than 70,000 tonnes. About 80% of Hulamin’s revenue comes from rolled products, with the rest from extruded products. Hulamin supplies the domestic industry and ...
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