by Rowan Goeller | Oct 23, 2023 | Construction and Basic Materials
Key message: Imports stable relative to 2022. The weak ZAR has resulted in imported cement prices increasing 4% YTD. January to August 2023 saw imports of 652kt, flat compared to the same period in 2022. Cement imports fell 31% to 730kt for CY22. Cement imports to...
by Rowan Goeller | Sep 20, 2023 | Construction and Basic Materials
Key message: Margins stabilising in SA Cement and signs of volumes bottoming. Price increases are sticking – any volume growth will boost earnings considerably. PPC released a Trading Update for the five months to August 2023. Cement South Africa and Botswana: Sales...
by Rowan Goeller | Sep 20, 2023 | Construction and Basic Materials
Key message: Imports stable relative to 2022. The weak ZAR has resulted in imported cement prices increasing 14% YTD. January to July 2023 saw imports of 537kt, flat compared to the same period in 2022. Cement imports fell 31% to 730kt for CY22. Cement imports to July...
by Rowan Goeller | Sep 19, 2023 | Construction and Basic Materials
Key message: Difficult trading environment affects revenue and lowers margins from post-Covid DIY/building market boom period. Some green shoots appearing though in construction materials market. Cashbuild recently released FY23 results. HEPS declined 39% to 1222c on...
by Rowan Goeller | Sep 14, 2023 | Construction and Basic Materials
Key message: The Australian exit is complete, and activity levels in all regions are picking up. Back to business as usual for WBHO. WBHO released FY23 results. Overall revenue and operating profit increased by 38% and 30% respectively with the operating margin...
by Rowan Goeller | Sep 8, 2023 | Construction and Basic Materials
Key message: Nkomati ramping up (with a minor delay) and will contribute approx. R500m to operating profit. Afrimat hosted a Pre-Close Update. We make minor updates to our model follow this update. Apart from the pending Lafarge acquisition (Competition Commission...
