Afrimat (AFT) FY24 – Results Snapshot

Diluted HEPS 560.7cps (+24.5% y-y) compared to 450.5cps LY.
Revenue increased by 23.9% y-y to R6 083m, driven by strong growth in Construction Materials (+22.3% y-y) and Bulk Commodities (+19.2% y-y) while Industrial Minerals struggled.
GPM decreased from 34.6% to 34.2%.
OPM fell by 70bps to 18.9%. The Industrial Minerals segment was hard hit by load shedding and OPM fell to 2.5%.
Expenses increased by 26.4% y-y, expense to sales rose by 30bps to 15.6%.
Dividend of 194cps.
Cash from operating activities declined by 25.3% y-y to R1 237m.
Gross debt rose by 73.5% y-y to R557m.
Iron ore local sales volumes improved from 502 404 tonnes to 882 168 tonnes (+75.6% y-y) while international sales volumes decreased from 778 072 tonnes to 709 709 tonnes (-8.8% y-y).