Company Data
| Last traded |
R87.25 |
| Change |
R-0.35 |
| % Change |
-0.40% |
| Cumulative volume |
544,209 |
| Market cap |
R10.80bn |
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Johannesburg -
AECI [JSE:AFE], South Africa's biggest chemicals and explosives group, more than doubled its first-half profit on Wednesday boosted by a recovery in mining and manufacturing.
AECI, which supplies miners and manufacturers, said headline earnings per share jumped 127% to 238 cents in the six months to end-June, compared with 105c a year earlier.
The results were widely expected after the company said first-half results were likely to rise between 115% and 135%.
AECI has benefited as higher commodity prices spur mining capital expenditure. However, demand from manufacturers has not been as strong, due to the strengthening rand. A stronger rand drives up the cost of products overseas and eats into profit when earnings from abroad are brought home.
"The strong rand remains a challenge ... and could impact profitability ... in the next six months," the company said in statement.
Shares in the company have gained 10.21% so far this year, outperforming about 3% gain on the broader JSE All-share index.
- Reuters