Afrimat has been recommended by IM since this publication began. The counter has seemingly defied the highly cyclical nature of its operations and has consistently delivered excellent shareholder returns.With operations in construction materials, industrial minerals and, lately, commodities via iron ore, the company, through tight operational performance and judicious, well-timed acquisitions, has risen head and shoulders above its peers in the sector.Results to February 2020 were out of the ball park in terms of performance.Group revenue rose 11.4% to R3.3bn and operating profit for the year increased 27.5% to R601m Headline EPS went up 48.5% to 347.7c. Because of strong cash generation, gearing was pared from 24% to 8% and Afrimat deferred its normally generous dividend policy, as has been the Covid-19 trend.The star performer was again iron ore. The second half brought lower prices for the company as the global iron ore market cooled after a bumper first half. However, iron ore a...

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