AFRIMAT (AFT) Results Snapshot FY22

Diluted HEPS 529.2cps compared to 432.2cps LY.
Revenue increased by +26.7% y-y to R4 680m, driven by a 52.0% y-y increase in bulk commodities revenue.
GPM fell 290bps to 36.6%.
OPM decreased from 28.7% to 23.7%.
Expenses up 20.8% y-y, expense to revenue increased by 200bps to 13.2%.
146cps final dividend declared.
Gross debt up 25% y-y.
Demaneng revenue down 4.1% y-y, however, the bulk commodities segment was aided by strong results from the Nkomati and Jenkins mines.