African Rainbow Minerals (ARM) swung into a substantial profit for its 2017 financial year, prompting it to pay its highest ever dividend, of R6.50 per share. ARM, which is chaired by billionaire Patrice Motsepe, reported a profit of R1.4bn for the year to end-June compared with a R757m loss the year before, with its 50% share in the Assmang iron and manganese business contributing handsomely to the company’s results. ARM’s 650c dividend was up from 225c the year before. The company’s net debt fell to R1.27bn from R4.24bn previously. Since the end of its financial year in June, ARM has received a R1bn dividend payment from Assmang. By the end of June, ARM held R1.488bn in cash, up from the R1.29bn it held a year earlier. This figure excludes the attributable cash held in ARM Ferrous, the holder of the 50% stake in Assmang of R3.17bn. Headline earnings, which excluded one-off items and give a like-for-like comparison with the previous year, tripled to nearly R3.2bn from R1.05bn befor...

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