Shareholders in construction and engineering group Aveng can expect a bonanza in September when the company releases its results for the year to June.

It is expected that about half of the R6.4 billion profit it received from the sale of its half share in Switzerland's Holcim cement group will probably be paid out to shareholders as a special dividend, according to analysts.

Profits from Holcim were a major contributor to Aveng's results in the interim period with an operating profit of R799 million.

It is estimated that the R6.4 billion profit from the sale of the Holcim stake would earn about R640 million in interest at current rates.

But some analysts said that if half was paid to shareholders the rest could be used for acquisitions, organic growth or a share buy-back, which could generate a similar or increased contribution to profits .

Aveng announced on Monday that earnings per share would increase by between 100% and 120%, excluding the capital profit of R6.4 billion from the sale of its stake in Holcim.

Profits from the sale of the 45.6% stake in Holcim will be equity-accounted to the end of May when the sale was concluded.

An analyst who did not want to be identified said that headline earnings were likely to be about 315c a share.

This follows the continued growth of the construction industry in which Aveng has been awarded a number of multimillion-rand projects, including the R1.5 billion Soccer City Stadium revamp in Johannesburg and the R1.1 billion new stadium in Port Elizabeth.

There were also expected to be further improvements in the Australian and Pacific construction operations, he said.

In the six months to December, the Australian operations recorded an operating profit of R114 million compared with R29 million in the previous period.

Mining operations are also expected to post better results.

At the interim stage the company had an order book of R15.6 billion and about two-thirds of this work is expected to be completed in the financial year to June.

The local building and construction industries remain strong and will produce an improved performance from Grinaker-LTA while the rest of the South African operations are expected to improve above current levels, according to forecasts in the interim report.