PRICES AND VOLUME JUMP
Weak rand takes Hulamin to record
The aluminium maker produces the best set of annual results in its history on greatly improved production
Hulamin produced the best set of annual results in its history on greatly improved production, tighter capital controls and a weaker rand against the dollar. The aluminium maker says it performed particularly well in the second half of the year. This led to normalised headline earnings per share soaring 116% in the year. Turnover jumped to R10.1bn in 2016, from R8.4bn in 2015. This was driven by substantially higher sales volumes, aluminium prices that jumped an average 24% during the year and a weaker currency. "They were excellent results," Evan Walker, portfolio manager at 36One Asset Management, said on Monday. "They were fortunate in this period to have a reasonably weaker rand and high commodity prices.… "Operationally, the business is in way better shape than it was a couple of years ago — and this is coming through in the cash flow," he said. Group sales volumes for 2016 rose 17% to 232,000 tonnes. Rolled products were the biggest contributor. Cash flow before financing acti...
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