Afrimat to focus on profitability after a period of acquisitions

AFRIMAT, the multi-commodity, mid-tier mining group, has come through a cycle of acquisitions as part of its strategy of asset diversification and will focus on realising the significant potential of all its businesses in the new financial year.

- EDWARD WEST

This is according to financial director Pieter de Wit, who was interviewed by Business Report on Thursday after the group reported a substantial decline in headline earnings per share to 72.3 cents for the year ended 28 February from 567.3 cents at the same time last year.

The aggregate quarries and ash business delivered a solid performance, but the cement business made losses throughout the year, which contributed to the lower earnings.

De Wit said they had revitalised the cement plant and it was operating well by the end of 2024, but the builders' holiday over December and particularly high rainfall in January and February further disrupted operations. However, production was currently well underway.