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Johannesburg - Black empowered construction
materials supplier Afrimat lifted diluted headline earnings per share
by 20.4% from 24.5 cents to 29.5 cents for the six months to the end of
August.
This was achieved on the back of a 21.2% growth in revenue from R323.8m to R392.5m.
The group said it benefited from a strong performance in its Aggregates
operations despite tough trading conditions due to the economic downturn.
During the period, Afrimat successfully concluded the acquisition of a 66%
equity stake of a quarry, strategically located close to Lanseria airport.
The group also successfully initiated a BEE transaction that saw Afrimat
become fully compliant with the Mining Charter requirement of 26% black
ownership in advance of the 2014 deadline.
An interim dividend of six cents per share (2008: five cents per share)
has been declared for the period. This is in line with the group's dividend
policy of three times cover.
Looking ahead, Afrimat said the prevailing challenging conditions are
expected to continue for the remainder of the financial year.
But it added: "Afrimat is well-positioned to weather the ongoing
economic downturn as Government's commitment to infrastructure investment
and housing development continues to stimulate demand for Afrimat's
products. This, together with other strategic initiatives, should result in
increased volumes."
- I-Net Bridge