Raubex (RBX) FY23 – Results Snapshot

Diluted HEPS up 32.2% y-y to 390.3cps compared to 295.3cps LY.
Revenue increased by 32.2% y-y to R15 307m, driven by the Beitbridge project and the sale of chrome ore.
GPM unchanged at 13.8%.
OPM increased from 8.2% to 8.3%
Expenses increased by 28.2% y-y to R847m. Expense to sales decreased by 20bps to 5.5%
Final dividend of 76cps declared.
Operating cash flow up 181% y-y to R1.6bn.
Order book increased by 17.0% y-y to R20bn. Strong order book growth from Materials Handling & Mining (+93.1% y-y) and Infrastructure (+63.7% y-y), while the Roads & Earthworks order book declined by 19.8% y-y.
The strong Infrastructure segment order book growth was due to the Raubex securing three wind projects in the Western Cape with a value of R2.1bn.