Afrimat forecasts brighter future as earnings jump

Johannesburg – Afrimat chief executive Andries van Heerden is bullish about the prospects for the industrial materials and bulk commodity mining group’s 2022 financial year.

The group yesterday reported a 27% increase in headline earnings per share to 441.7 cents for the year to February 28. A final dividend of 112c per share was declared, up 38% on the payout last year.

The share price was up 2.6% to R51.50 yesterday morning, bringing to 66% the increase in the price over the past year. the share closed at RXXX.

Van Heerden said in an interview that the bulk commodities division was benefitting from high iron ore prices.

“While above $60 (R822) a ton is good for us, the price is currently around $200 a ton. Last week, it reached $225 a ton,” he said.

Post-year end, the group furthered its diversification strategy with its biggest deal to date, the R650 million acquisition of the Gravenhage manganese mining right and associated assets in the Northern Cape.

 

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