Wrap Text
Unaudited consolidated interim results for the six months ended 30 June 2019
Andulela Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1950/037061/06)
JSE share code: AND
ISIN: ZAE000172870
("Andulela" or "the Company" or "the Group")
Unaudited consolidated interim results for the six months ended 30 June 2019
Summary of results
Restated
Unaudited Unaudited
6 months 6 months
ended ended
30 June 30 June
2019 2018 %
R'000 R'000 movement
Gross revenue 688 056 674 732 2,0
Gross profit 110 551 105 319 5,0
(Loss)/profit from operations (3 924) 8 857 (144,3)
Loss after tax (20 398) (10 680) (91,0)
Headline loss (9 429) (9 534) 1,1
cents cents
Net asset value per share
(cents) 69,16 86,74 (20,3)
Net tangible asset value per
share (cents) 15,11 32,69 (53,8)
Loss and diluted loss per
ordinary share (cents) (24,66) (10,85) (127,3)
Headline loss and diluted headline
loss per ordinary share (cents) (10,76) (10,88) 1,1
Dividends per ordinary share
(cents) - - -
Commentary
Overview
Andulela's interim results for the six months ended 30 June 2019 reflect a
headline loss of R9,4 million compared to a headline loss of R9,5 million for
the comparative period ended 30 June 2018. This was mainly due to the Pro Roof
Steel Merchants group of companies ("PRSM") incurring a loss of R25,5 million
during the period.
The loss incurred by PRSM includes a devaluation of inventory of R13,6 million
due to price decreases implemented by the main raw material supplier during the
first half of the year, as well as an impairment of plant and equipment of
R16,9 million.
Kilken Platinum reported an increase of 161% in revenue from 2018 to 2019 with
improved production and basket prices for its products over the period, and a
profit after tax of R7,4 million compared to a loss after tax of R7,2 million
in 2018.
Short-form announcement
This short-form announcement is the responsibility of the directors and is a
summary of the information contained in the full announcement. The full
announcement will be released on SENS on 26 September 2019, and may be found
on the Company's website at www.andulelaholdings.com. Copies of the full
announcement may also be requested from the Company's registered office and
from the offices of the sponsor, Bridge Capital, at no charge, during office
hours from Thursday, 26 September 2019 to Friday, 4 October 2019. Andulela has
not declared any dividends. Any investment decision should be based on the
full announcement published on SENS and on the Company's website
from 26 September 2019. The full announcement may be found at:
https://senspdf.jse.co.za/documents/2019/jse/isse/AND/FY2019H1.pdf
For and on behalf of the Board
Mohamed Husain
Independent non-executive Chairman
Ashruf Kaka
Chief Executive Officer
Sandton
25 September 2019
Directors: Mohamed Husain# (Chairman); Ashruf Kaka (CEO);
Henk Engelbrecht (CFO); Brian Smith#; Pieter du Preez#; Naeem Hadjee#
#Independent non-executive
Registered office: 108 4th Street, Parkmore, Sandton 2196
Company Secretary: Gillian Miller
Auditors: BDO South Africa Incorporated, Summit Place Office Park,
221 Garsfontein Road, Menlyn, Pretoria 0181
Transfer secretaries: 4 Africa Exchange Registry, Cedarwood House,
Ballywoods Office Park, 33 Ballyclare Drive, Bryanston 2121
Sponsor: Bridge Capital Advisors, 50 Smits Street, Dunkeld,
Sandton 2196
www.andulelaholdings.com
Date: 26/09/2019 08:30:00
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