Afrimat remained profitable in the six months to August 31 although slightly less so than in the past, and its debt-free healthy balance sheet meant it was in a position to make acquisitions, the group said in a trading statement yesterday.
The open pit miner of construction materials, industrial minerals and bulk commodities said the force majeure at Transnet had an impact on the export and inland logistics for the iron ore mines, and shareholders would be updated if there were any developments.
Headline earnings per share are expected to be between 236.1 cents and 265.6c, or between 10% and 20% lower for the six months to August 31 compared 295.1c for the same period a year before.
Earnings per share are expected to be between 236.6c and 265.8c, representing a decrease of between 9% and 19% compared to 292.1c for the six-month period in 2021.
“Nkomati contributed positively and Jenkins saw an increase in volumes, which softened the impact of the iron price downturn as well as increased production costs, such as fuel and explosives,” the group said.
“Diversification, cost reductions and efficiency improvement initiatives remain the cornerstone of the group,” the statement said. The interim results are expected to be released on or about October 27.
BUSINESS REPORT