Afrimat earnings grow on back of normalised volumes, strong iron-ore price

Afrimat posted an operating profit of R1.11-billion, compared with a restated operating profit of R1.06-billion in the prior financial year.

Headline earnings a share grew by 22.9% year-on-year to 542.9c.

The group has maintained its dividend policy, declaring a total dividend of 186c apiece for the year, compared with a total dividend of 148c apiece paid in the year ended February 28, 2021.

All three of the company’s segments – construction materials, industrial minerals and bulk commodities – reported strong growth in the year under review.

Afrimat explains that the industrial minerals business delivered returns comparable to pre-Covid-19 volumes across all regions in which it supplies products, delivering an increase in operating profit of 70% year-on-year to R94-million.

The company says the acquisition of a feed lime business called Agri Lime has strengthened Afrimat’s footprint in the agricultural lime market.