Afrimat half-year earnings to rise

Afrimat expected headline earnings a share to increase by between 15 percent and 20 percent in the six months to August, compared with the previous corresponding period, the company said yesterday. Earnings a share were expected to grow by between 7 percent and 12 percent in the same period. The construction materials group said headline earnings a share were impacted by the dilution resulting from the use of Treasury shares utilised as part of the settlement for its Clinker Group deal. Afrimat said in December it had reached agreement to buy the Clinker Supplies group of companies for R123.5 million, with the purchase price settled through the payment of R95m in cash and the R28.5m balance in Afrimat ordinary shares held as Treasury shares. Afrimat stock fell 2.78 percent to R7 yesterday. – Roy Cokayne