CHRIS GILMOUR: Afrimat’s stellar results fail to woo the market
Investors may be more concerned about future iron ore prices than interim revenue and profit rise
In a decimated construction sector, the little gem of Afrimat stands out, boasting a nicely balanced portfolio of construction materials, bulk commodities and industrial minerals.
For the interim period to August 2019, revenue rose 20% to R1.7bn; the operating profit margin increased from 14% to 19%; operating profit rose 57% to R318m; headline earnings per share (Heps) rose 94% to 181.9c; the interim dividend doubled; and net debt-equity plummeted from 36% to 9%. ..