Afrimat (AFT) 1H23 – Results Snapshot

Diluted HEPS 246.8cps compared to 285.1cps LY.
Revenue increased by +7.2% y-y to R2 595m, driven by growth in the construction materials and bulk commodities segments.
GPM fell from 37.5% to 33.4%.
OPM decreased from 24.1% to 19.7%.
Expenses up 9.9% y-y, expense to revenue increased by 30bps to 14.1%.
40cps interim dividend declared.
Gross debt decreased by 40% y-y.
Future Materials and Metals segment, consisting of phosphate, vermiculite and rare earth minerals, made a contribution to revenue of R18m from R1m LY. All revenue earned was from the sale of HG phosphate.