PPC – FY24 Results

Key message: A resumption of dividend payments is a positive with cement demand at a cyclical low. New management is making changes. PPC released FY24 results. Continuing HEPS moved back to profitability at 19c on a 21% and 39% increase in revenue and EBITDA...

Raubex – Bauba Site Visit

Key message: Bauba is a relatively low-risk operation with competitive reserves. Raubex hosted a site visit to Bauba Resources (Kookfontein mine). The biggest take-home from the site visit was the low-risk nature of the Bauba operation and availability of reserves and...

Afrimat – Investor Day

Key message: The Lafarge integration is going well with a focus on returning production to normal levels. Afrimat hosted an Investor Day. Lafarge: of key interest was the Lafarge update. The Lafarge acquisition was effective from 23 April 2024. The cement division is...

Afrimat – FY24 Results

Key message: With Nkomati starting to contribute as planned and Lafarge integrated in April 2024, growth into FY25 should be achieved. Afrimat released FY24 results, with HEPS increasing 24% to 567.3c on a 24% increase in revenue and 20% increase in operating profit....

Calgro M3 – FY24 Results

Key message: Relatively steady state earnings are expected for future years off a well-developed pipeline. Calgro released FY24 results. HEPS increased 38% to 189.9c on a 16% decline in revenue (construction activities were slowed down in 2H as a conservative measure...

Raubex – FY24 Results

Key message: Diversity of earnings has helped replace the high-margin Beitbridge project and sets Raubex up for sustainable growth. Raubex reported FY24 results. HEPS increased 21% on a 14% and 20% increase in revenue and operating profit. A dividend of 155c (3x...