![]() ![]() Various new capacity expansion projects and technology investments have been initiated that will be commissioned during F2020. KAP will continue to implement its strategy for F2019, ensuring the completion of recent expansion projects and the integration of recent acquisitions in order to extract value, generate cash and reduce debt levels, thereby strengthening its balance sheet, enhancing its competitiveness and placing it in a strong position to take advantage of growth opportunities. The macroeconomic and political environment in South Africa is expected to remain challenging and uncertain during the second half of the financial year in the lead-up to the national elections. Management have made good progress during the period in this regard. In view of the scale and complexity of these investments, the strategy set by the board for the 2019 financial year was to ensure the completion of the expansion projects and the effective integration of the acquisitions into the group, with the focus on market share growth, extraction of value and generation of cash. These investments have been comprehensively reported on in previous financial reports. In previous financial periods, the group embarked on a number of significant expansion projects at its operations and concluded a number of acquisitions, resulting in the investment of R7.8 billion over the 24 months to 30 June 2018. The diligent implementation of the group's strategy has produced solid results for the period in a challenging and uncertain economic environment, particularly with regard to cash generated from operations, which increased by 83%. Cash on balance sheet per share: 48c a share (so roughly 5.9% of the company's share price is made up by cash on balance sheet).Net asset value per share: R4.62 (so trading around 2 times its book value). ![]()
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