Afrimat (AFT) FY23 – Results Snapshot

Diluted HEPS 450.5cps (-14.9% y-y) compared to 529.2cps LY.
Revenue increased by 4.9% y-y to R4 908m.
GPM fell from 36.6% to 34.6%.
OPM decreased from 23.7% to 19.6%.
Expenses up 22.2% y-y, expense to sales increased by 220bps to 15.4%.
Total dividend of 150cps declared.
Cash from operating activities improved by 34% y-y to R987m.
Gross debt decreased by 51.5% y-y to R313m.
Total iron ore sold increased by 7.6% y-y to c. 1.28m tonnes, largely due to increased volumes from the Jenkins mine. Demaneng and Jenkins achieved a combined operating profit of 40.3%.
Nkomati anthracite volumes improved by 44.6% y-y to 317 943 tonnes, but fell short of FY23 target volumes.