Salient features

On the back of a strong global pricing environment, the company's average realised prices rose by 12% on sales which were 5% higher than those of the previous year while cash costs per tonne increased by an average of just 2%. EBITDA improved to R3 608 million, from a loss of R315 million in 2017. Similarly, headline profits improved from a R2 518 million loss to a profit of R968 million. Net debt decreased by R2 787 million.

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Revenue increased by

16% to R45 274 million


EBITDA improved by

R3 923 million

from a loss of R315 million to a profit of R3 608 million



Overview

The group's 2018 results were positively impacted by higher realised steel prices on the back of stronger international prices and higher sales volume despite the weakness of the South African economy. Encouragingly, the domestic economy officially emerged from recession following a 2.2% GDP growth in the third quarter of the year. The government's drive to attract investment should help to bolster capital expenditure, however, Eskom's financial and operational crises could delay recovery.

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