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Unaudited consolidated results for the six months ended 30 June 2025
HULAMIN LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1940/013924/06
JSE Code: HLM
ISIN: ZAE000096210
("Hulamin", the "Group" or the "Company")
UNAUDITED CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2025
Hulamin is pleased to announce its interim results for the period ended 30 June 2025. Shareholders are advised
that the Company's condensed interim financial results for the six months ended 30 June 2025 were published
on the websites of the JSE Limited and the Group today, 25 August 2025 ("Full Announcement").
Results Headlines
• Rolled products core volumes up by 2% at 89kts
• Normalised EBITDA down by 20% to R282 million
• Normalised HEPS downs by 48% at 26 cps
• Completed and commissioned the final phase of the market driven wide canbody expansion project
• Completed strategic review of non-core operations, with closure of Hulamin Containers and disposal of
Hulamin Extrusions
Results Overview
Our key objective for the first half of the year was to build sufficient finished goods to supply the market during the
integrated shutdown, while maintaining profitability and cash flow. Positive momentum from higher volumes and
a stronger sales mix was more than offset by the impact of a stronger exchange rate, elevated inflationary energy
costs and increased pricing pressure in the local can-end market.
We continued to advance our market-driven strategic capital plan, reaching a major milestone with the successful
completion and commissioning of the final phase of our wide canbody expansion project aimed at displacing
imports. Our next focus is the qualification and commercial readiness of our wide-width products, targeted for the
first quarter of 2026. Concurrently, we are working to optimise plant performance to secure strong second-half
volumes across our core product streams.
Following a strategic review of the Extrusions segment, we have decided to exit this business and aim to do so by
the end of 2025. The Company has entered into negotiations regarding the disposal, as announced on SENS on 18
August 2025. In addition, operations at the Containers division ceased on 6 June 2025 and the wind-down and sale
of operating assets are currently in progress.
Our immediate priority is to maintain a competitive cost base while reducing our net debt levels. We have made
significant progress against our roadmap, positioning the business to deliver improved shareholder value and
sustainable earnings.
Financial Headlines
The unaudited financial results for the six months ended 30 June 2025 ("current period" or "2025"), as compared
to the unaudited results for the six months ended 30 June 2024 ("comparative period" or "2024") are set out
below:
2025 2024(note 2)
R'000 Percentage R'000
change
Revenue - Continuing operations 7 104 540 8% 6 950 372
Operating profit - Continuing operations 164 521 (64) % 453 570
Normalised operating profit - Continuing operations 215 172 (24) % 284 430
Basic (loss)/earnings per share (cents)* (8) (110) % 83
Basic earnings per share (cents)- Continuing operations 14 (84) % 90
Basic headline earnings per share (cents)* 15 (81) % 79
Basic headline earnings per share (cents) - Continuing 14 (28) % 85
operations
Basic normalised headline profit per share (cents) (note 26 (48) % 50
1) - Continuing operations
*Continuing and discontinued operations
No dividend was declared in respect of the current period or the comparative period.
Note 1: Normalised headline earnings per share
Normalised headline earnings per share is one of the measurement bases Hulamin uses in assessing its financial
performance and is calculated in a consistent manner as detailed in the Full Announcement, by dividing
normalised headline earnings by the weighted average number of ordinary shares in issue during the year.
Normalised headline earnings is defined as headline earnings excluding (i) metal price lag and (ii) non-trading
expense or income items which, due to their irregular occurrence, are removed in order to more closely present
earnings attributable to the ongoing activities of the Group. For 2025, normalised headline earnings include an
adjustment for metal price lag and other restructuring costs.
The presentation of normalised headline earnings is not an IFRS® Accounting Standards requirement and may
not be directly comparable with the same or similar measures disclosed by other companies.
Note 2: Re-presented prior period earnings
Prior period reported earnings have been re-presented in line with the requirements of IFRS® Accounting
Standards (IFRS 5). The classification of Extrusions was recognised as a discontinued operation at 30 June 2025
and as a result, required the re-presentation of financial results for the half year ended 30 June 2024.
Short form announcement
This short form announcement is the responsibility of the board of directors and does not contain full or
complete details. Any investment decisions by investors and/or shareholders should be based as a whole on
consideration of the Full Announcement which may be downloaded from
https://senspdf.jse.co.za/documents/2025/jse/isse/HLM/June25Int.pdf
or from Hulamin's investor website (http://ir.hulamin.com).
Copies of the Full Announcement may be requested by contacting the Company Secretary at:
secretarial@hulamin.co.za.
Registered office: Moses Mabhida Road, Pietermaritzburg; Telephone: 033 395 6911
Pietermaritzburg
25 August 2025
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 25-08-2025 07:15:00
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