Monday, 10 November 2008 02:00

Raubex interim earnings up 80.5%

South African road construction group Raubex Group on Monday reported 80.5% rise to 144.6 cents in headline earnings per share for the interim period ended August compared with the same time a year ago.

An interim dividend of 30 cents was declared.

Francois DiedrechsenRevenue swelled 131.7% to R2.23 billion, operating profit jumped 108.1% to R398 million and order book grew 113% to R4.9 billion.

Francois Diedrechsen, Financial and Commercial Director of Raubex Group, said the performance was in-line with our expectations.

"During the period we also successfully bedded down a number of acquisitions, the financial effects of which are included in this set of results," he said.

He added that the acquisitions were value-enhancing and performing well.

"Importantly, the depth and breadth of skills and capacity that they've brought to the Group positioned us well to continue taking full advantage of the spend driven by the government and private sector," said Diedrechsen.

Looking ahead, the group expects to deliver a strong performance in the second half as road upgrades gather momentum in the lead up the 2010 Fifa World Cup.

"With the Gauteng Freeway Improvement Project now underway, we expect the South African National Roads Agency Limited (SANRAL) to be announcing a number of reasonably sized contracts to be released for tender in the coming months," Raubex said.

SANRAL remains Raubex largest client, accounting for some 40% of its revenues.

 

Government is to spend R70 billion to upgrade and improve some road networks in Gauteng through the Gauteng Freeway Improvement Project (GFIP) budgetted over various phases until 2018.

The four-year delay of the proposed Wild Coast N2 has deprived the Pondoland communities of about R2-billion in spin-offs

The seven-month contract for the rehabilitation of a section of the N2 freeway, near Durban, was completed on schedule and within budget during December 2003, UWP Consulting reported.

UWP was appointed by the South African National Roads Agency (Sanral), in June 2002, to investigate and avail recommendations for the rehabilitation of a 20-km section of the four-lane dual carriageway freeway between the Ilovo River and the Mlaas Canal (past the Durban International Airport), south of Durban.

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