by Rowan Goeller | Jun 20, 2025 | Construction and Basic Materials
Key message: The promise of earnings growth and stable operations needs to be delivered on in FY26 to maintain operating credibility. Afrimat recently hosted an Investor Day and we update our earnings after this event. Key takeaways from the event: Afrimat has been...
by Rowan Goeller | Jun 13, 2025 | Construction and Basic Materials
Key message: A remarkable operational turnaround has boosted EBITDA margins despite a weak cement market. PPC released FY25 results. HEPS increased 110% to 40c on a 1.9% decline in revenue and 28% increase in EBITDA. An ordinary divided on 17.6c was declared to add to...
by Rowan Goeller | May 29, 2025 | Construction and Basic Materials
Key message: With Bankenveld adding to the development pipeline,Calgro has secured many years of steady organic growth. ◼ Calgro released FY25 results. HEPS declined 9% to 171.36c on a 33%decline in revenue (construction activities were slowed down in 1H as...
by Rowan Goeller | May 16, 2025 | Construction and Basic Materials
Key message: A weak result but a better performance is expected in FY26. Afrimat released FY25 results, with HEPS declining 78% to 71.4c on a 36.7% increase in revenue and 59% decline in operating profit. The operating margin declined to 5.7% (from 18.9%) largely due...
by Rowan Goeller | Mar 28, 2025 | Construction and Basic Materials
Key message: A bold defensive move to build a new 1.5mtpa integrated cement plant in the W Cape to retain control of the region. PPC held a Capital Markets Day. Along with the Trading Update released earlier in the month PPC is showing a more commercial focus with...
