Raubex (RBX) 1H24 – Results Snapshot

Diluted HEPS up 19.2% y-y to 189.1cps (1H23: 158.6cps).
Revenue increased by 14.5% y-y to R8 446m, driven by the sale of chrome ore and strong growth in Australia.
GPM improved by 50bps to 13.0%.
OPM fell by 10bps to 7.4%
Expenses increased by 16.7% y-y to R501m. Expense to sales increased from 5.8% to 5.9%
Dividend of 63cps.
Operating cash flow up 25.5% y-y to R490m.
Gross debt increased by 42.% y-y to R1.6bn.
Order book increased by 23.7% y-y to R20.3bn. Strong order book growth from Materials Handling & Mining (+65.2% y-y) and Infrastructure (+24.7% y-y).
The Australia order book fell from R2.37bn at FY23 to R1.68bn at 1H24, with the RoA order book flat at R3.8bn over the same period. Strong order book growth from SA, increasing by 44.3% y-y to R14.8bn.