Aveng HEPS up 100%

Posted On Monday, 10 September 2007 02:00 Published by Commercial Property News
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The focus on capacity building across the Aveng Group is illustrated by the expansion in capital expenditure

Carl Grim AvengConstruction, steel and cement company, Aveng, reported on Monday that its diluted headline earnings per share had increased 100% to 289.6 cents for the year ended June 30 2007.

A dividend per share of 85 cents was also declared, which is a 124% improvement from the 38 cents registered in 2006.

Revenue growth of 38% to 22.093 billion rand was declared.

Operating profit before non-trading items increased by 106% to 1.295 billion rand.

"The group benefited from the continued boom in all areas of the domestic and international construction markets with strong demand filtering through to the Steel and Allied businesses. Exceptional revenue growth from McConnell Dowell, resulted in a more geographically balanced construction revenue split for the group," said the company in a statement.

"The focus on capacity building across the Aveng Group is illustrated by the expansion in capital expenditure," said the group.

Capex of 435 million rand (2006: R406 million) and replacement capital expenditure of 556 million rand (2006: R355 million) was declared.

Total gross capital expenditure was 991 million rand with a net outflow of cash on capital expenditure amounting to 898 million rand compared to 555 million rand in 2006.

Aveng's 46% stake in Holcim was sold for 6.8 billion rand in cash and 641 million rand in secondary tax on companies credits.

"The transaction facilitated significant black economic empowerment in the cement industry while simultaneously ensuring that Aveng shareholders were equitably rewarded. Holcim continues to be an important cement, concrete and aggregate supplier to Aveng," said Aveng.

"With all operations now trading profitably, and group operating margins at the top end of the short-term target range, the twofold task for the year ahead is to continue to move margins up towards the group's medium-term target of 8% and to identify significant strategic growth opportunities," concluded the company.

Last modified on Friday, 21 June 2013 23:27

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