Afrimat proceeds with R116m dividend payment

The Afrimat quarry in Greenbushes, Port Elizabeth.
The Afrimat quarry in Greenbushes, Port Elizabeth.

Building materials and industrial minerals group Afrimat is proceeding with a R116m dividend payment for its year to end-February, having recently delayed the decision due to Covid-19 uncertainty.

Higher iron-ore prices helped group profits to rise more than 50% in its year to end-February. The group said in May a ramp-up in infrastructure spending in SA could benefit its quarrying business, in which it is already experiencing an improvement in demand.

The 81c per share dividend is unchanged from its payout in the prior comparative period. The dividend will be paid on September 7.

Afrimat benefited from rising iron ore prices in 2019. Its Demaneng mine — previously known as Diro Iron Ore and acquired in 2016 for R400m — produces high-grade ore.

Increased production and cost savings also helped profit for its year to end-February to rise 52.9% to R465.17m.


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