Research

Key message: Margins stabilising in SA Cement and signs of volumes bottoming. Price increases are sticking – any volume growth will boost earnings considerably.

Key message: Imports stable relative to 2022. The weak ZAR has resulted in imported cement prices increasing 14% YTD.

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.

Key message: The Australian exit is complete, and activity levels in all regions are picking up. Back to business as usual for WBHO.   

Key message: Nkomati ramping up (with a minor delay) and will contribute approx. R500m to operating profit.