MINING
Afrimat cements results with earnings up 25.4%
The group attributes improved results to its long-running diversification strategy
Afrimat, an open-pit mining company supplying industrial minerals and construction materials, continues to shoot out the lights in its results for the year ended February 2017. Headline earnings per share rocketed 25.4% from 2016 as net average operating margins exceeded 12%. The group says the continuing improvement in results is due to its long-running diversification strategy, as well as cost reduction and efficiency initiatives. "The business is performing extremely well," Afrimat CEO Andries van Heerden said on Thursday. "We are highly, highly entrepreneurial." Cash generated from operations shot up 24.4% to R406m in the period. Revenue rose 13.1% to R2.2bn, with the company declaring a final dividend of 50c per share, up from 41c in 2016. Afrimat has had average compound growth of 25% since 2008 and entire lifecycle growth of 12% since listing in 2006. Afrimat was once a construction-materials group supplying aggregates, ready-mix and other concrete products, Van Heerden said....
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