Petmin posts 62% jump in profits

Cape Town - Multi-commodity mining company Petmin [JSE:PET] said on Tuesday that a strong operational performance in the year to end-June 2015 saw headline earnings per share grow 62% to 24.26 cents, up from 14.95c in the previous comparative year.

Gross profit increased to R253m (2014: R195m), while net cash flow from operating activities rose 35% to R901m (2014: R668m). Revenue lifted 25% to R1.3bn (2014: R1.0bn). Petmin increased its shareholding in North Atlantic Iron Corporation to 35% (2014: 33%).

The company declared a dividend of 5c per share.

Looking ahead, Petmin expects capital expenditure to June 2016 to be about R83m, with about half of this to open new mining areas.