Cashbuild FY net profit jumps 33% to R363.37m

Cashbuild (CSB) on Tuesday reported a 33% jump in full-year net profit to R363.37m as it reined in operating costs.

The company typically serves home builders and improvers in the lower living standard measure sector.

The building materials retailer lifted its revenue in the year to June 13% to R7.69bn‚ with headline earnings up 33% to R352m‚ defying tough market conditions.

“I think the essence of investing in this counter is captured by the fact that it is competing in a space that it knows better than any of its competitors‚” Gryphon Asset Management portfolio manager Casparus Treurnicht said.

The small-cap counter‚ which has risen 90% on the JSE this year‚ increased its final dividend per share to 336c from 253c a year ago.

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