Afrimat expects a near doubling of profits

Building materials company Afrimat [JSE:AFT] said in a statement on company reporting service SENS that its earnings per share for the period ended August 31, 2019 were expected to increase of by 91% and 96% compared to the earnings for the period ended August 31, 2018.

Afrimat also supplies contracting services like drilling and blasting, mobile crushing and screening.

This was according to the company's trading statement for the period ended August 31, 2019, which the company released through SENS on Monday afternoon. In September, the company enjoyed the highlight of having its shares rise by 5% to R31.41 per share at some point.

The SENS report said earnings per share for the period ended 31 August 2019 is expected to be between 182.0 cents and 186.8 cents per share, being an increase of between 91% and 96% compared to the earnings of 95,3 cents per share.

"Headline earnings per share for the period ended 31 August 2019 is expected to be between 179.7 cents and 184.4 cents per share, being an increase of between 92% and 97% compared to the headline earnings of 93,6 cents per share reported by Afrimat for the period ended 31 August 2018," the statement said.

The statement added that the information on which the further trading statement has been based has not been reviewed nor reported on by the company’s auditors. The statement said the financial results for period ended 31 August 2019 will be published on or about 31 October 2019.

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