Diluted HEPS 1 276.3cps (-27.2% y-y).
Turnover increased by 14.3% y-y to R45 028m.
OPM increased by 30bps to 9.6%.
Expenses increased by 13.9% y-y while expense-to-sales decreased from 90.7% to 90.4%.
Dividend of 500.0cps.
Cash generated from operating activities up +75.2% y-y to R768m.
Equipment SA’s order book closed at R3.6 billion (FY2022: R4.8 billion), comprising mainly mining machine orders that will be converted from available stock on hand.
The decline in Ingrain’s operating margin was attributed to the softening of local maize prices over the past few months. According to management, the Crop Estimates Committee’s latest forecast suggests a maize crop for the current season of 16.4 million tonnes, which is above long-term harvest trends and sufficient to meet local demand, with the current maize prices remain relatively low, with forward prices increasing in the short term.
