Raubex shares rose 10.33% on Monday after the JSE-listed construction group reported a strong set of financial results, which were driven by its diversification into mining and Western Australia.
Raubex now has a 17-year maintenance contract valued at R1.7 billion now that the project has been completed.Msiza said the group achieved “an excellent growth rate” of 27.5% in its order book to R25.5 billion at the end of February 2024. Projects awarded to the group by Sanral increased to R6.5 billion from R6.02 billion, despite the road agency’s contribution to Raubex’s order book declining to 25.5% from 30% in the previous year.
This was attributed largely to the very strong performance of the materials handling and mining division, more specifically to Bauba Resources, and another strong performance from Western Australia. “We will definitely grow the mining side of things but not at the cost to the rest of the business. We believe that where we are now with Bauba is a good profile for now,” he said.Operating profit grew by 20.4% to R1.54 billion from R1.28 billion, with the group’s operating margin improving to 8.8% from 8.3%.
She said the materials handling and mining division will continue to focus on its strategic partnerships, explore opportunities to increase mineral resources and improve production efficiencies.
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