Afrimat benefits from favourable iron ore pricing and new projects

Afrimat has reported that its all three segments, namely Construction Materials, Industrial Minerals and Bulk Commodities experienced strong growth compared to the previous corresponding period, on the back of the hard-lockdown levels imposed to limit the spread of Covid-19 in the previous period. The Bulk Commodities segment benefitted from favourable iron ore pricing and the new projects, Jenkins Iron Ore Mine and Nkomati Anthracite Mine started to contribute positively to the results.

The Company has advised that for the six-month period ended 31 August 2021:

• earnings per share (“EPS”) is expected to be between 287.6 cents and 296.9 cents representing an increase of between 56% and 61% compared to EPS of 184.4 cents reported for the six-month period ended 31 August 2020; and
• headline earnings per share (“HEPS”) is expected to be between 290.6 cents and 299.8 cents representing an increase of between 58% and 63% compared to HEPS of 183.9 cents reported for the six-month period ended 31 August 2020.