Afrox lifts dividend as state contract boosts profit

The gas supplier’s headline earnings per share in the year to end-June rose 7% after landing a multiyear deal to supply all public hospitals and clinics in SA with medical gasesAfrox, a supplier of gases and welding products, upped its dividend 5.7% to 55c per share in the year to end-June, boosted by a contract to supply 400 hospitals across SA.a multiyear government contract in April 2018 to the value of about R1bn to supply all public hospitals and clinics in SA with medical gases.

It said on Monday headline earnings per share increased 7% to 111.3c in the year to end-June, while revenue rose 3.3% to R3bn. Earnings before interest, tax, depreciation, and amortisation rose 6.3% to R620m, led by its atmospheric gases unit, which grew ebitda 18.9%. The group also cited cost savings as it pursues restructuring, saying that weak conditions in the SA manufacturing sector weighed on its performance somewhat.

“Afrox will continue to focus on specific growth opportunities, strict cost management and effective price cost recoveries,” it said.

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