Afrimat to report lower earnings amid volatile price environment
JSE-listed diversified miner Afrimat expects to report a 15% to 20% year-on-year decrease in its earnings per share (EPS) for the financial year ended February 28, on the back of lower prices.
EPS will be between 448.6c and 476.6c apiece, compared with the EPS of 560.7c apiece reported in the prior financial year.
Headline earnings per share (HEPS) are also expected to be between 13% and 18% lower, at between 445.2c and 472.3c apiece, compared with the HEPS of 524.9c apiece reported for the prior financial year.
Afrimat assures shareholders that the group and its subsidiaries remain highly profitable, albeit at lower levels than the prior year. The company also remains debt free, with sufficient capital to execute its growth strategy further.
Ahead of releasing its full-year results on May 18, the company says its Jenkins iron-ore and Nkomati anthracite mines contributed well in the year under review and are poised for higher production in the new financial year.
Increased volumes from the two mines, which are not exposed to volatile pricing, effectively buffers Afrimat against potential downturns in export iron-ore prices.
Meanwhile, Afrimat’s Construction Materials and Industrial Minerals segments were impacted by a global economic slowdown in the year under review, while the operating environment in South Africa remains challenging.
Afrimat says the structural decline in public sector fixed investment and infrastructure remains a major concern.
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