Bulk property sale boosts AECI 45% first-half headline earnings per share rise

Posted On Wednesday, 29 July 2015 23:28 Published by
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AECI on Tuesday reported a 45% rise in first-half headline earnings per share to R5.65‚ boosted by a bulk property sale.

Mark Dytor

The explosives and chemicals company earlier this year concluded a deal to sell Somerset West bulk land to the City of Cape Town for R400m in cash.

In 2013‚ the firm sold its surplus property assets in Gauteng for over R1bn. Group revenue in the six months to June was up 8% to R8.62bn‚ with a third of this generated outside SA while profit from operations lifted 22% to R991m.

“AECI again delivered creditable results in an ever-more challenging local and international environment‚” the company said in a statement. 

The company is exposed to the struggling mining sector‚ which is aggressively cutting costs to adjust to falling commodity prices.

The interim dividend up was up 9% to 125c per share.

Source: BDpro

Last modified on Thursday, 30 July 2015 10:22

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