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Johannesburg - Shares of Group Five Limited [JSE:GRF] rallied on Monday after the construction firm posted a 40% rise in first-half earnings and dividend, signalling a multi-year industry slump may be ending.
Like other builders, Group Five was hit hard when orders dried up after the end of the boom for the 2010 Soccer World Cup. The industry has also been stung by a $143m regulatory fine over bid-rigging.
Group Five said in a statement its short-term outlook was "fair to good" even as conditions remain weak in some of its markets, adding it had some strong prospects in African power and transport infrastructure.
Shares of the company were up 4.3% at R45.40 at 09:55 GMT.
Headline earnings totalled 204 cents a share in the six months to end-December, from a restated 145 cents a year earlier.
The company raised its dividend to 45c from 32c a year earlier.
Like other builders, Group Five was hit hard when orders dried up after the end of the boom for the 2010 Soccer World Cup. The industry has also been stung by a $143m regulatory fine over bid-rigging.
Group Five said in a statement its short-term outlook was "fair to good" even as conditions remain weak in some of its markets, adding it had some strong prospects in African power and transport infrastructure.
Shares of the company were up 4.3% at R45.40 at 09:55 GMT.
Headline earnings totalled 204 cents a share in the six months to end-December, from a restated 145 cents a year earlier.
The company raised its dividend to 45c from 32c a year earlier.
