AECI H1 HEPS rise 45% to R5.65

AECI (AFE) on Tuesday reported a 45% rise in first-half headline earnings per share to R5.65‚ boosted by a bulk property sale.

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.

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