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Fri 13 Jun 2025
Close: 170c 
Day's move: 0c (0.00%)
Volume: 212 116
Trades: 8
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Sephaku - Sephaku cement and Métier update
Following Dangote Cement PLC's ("DCP") 2024 financial results announcement for the period ended 31 December 2024, SepHold reports on Dangote Cement SA (Pty) Ltd.'s ("Sephaku Cement", "SepCem" or "the associate") performance. The commentary also includes an update on Métier Mixed Concrete (Pty) Ltd.'s ("Métier" or "the subsidiary") operational performance.
Sales, Revenue and Profitability
SepCem's after-tax profit for the 12 months ended 31 December 2024 was R42.6 million, compared to R41.9 million in 2023. Of this, R15.3 million (2023: R15.1 million) will be included in SepHold's results for the period ending 31 March 2025, as SepHold'.
For the 12 months ended 31 December 2024, sales volume decreased by 4% year-on-year ("y-o-y"), resulting in a 1.4% decline in revenue, which amounted to R2 785 million (2023: R2 823 million).
SepCem continues to implement various cost-saving initiatives, measured by the Dangote Group, to mitigate the negative impact of low demand in the market. Furthermore, an easing of finance cost and a lower depreciation charge contributed to maintaining a flat profit after-tax number.
The full Dangote Cement PLC's results, which incorporate SepCem's results for the year ended 31 December 2024, can be accessed at the following link: www.dangotecement.com/wp-content/uploads/2025/03/Dangote-Cement-Full-Year-2024-Account.pdf
Métier:
Métier was impacted by deteriorating economic conditions and ongoing challenges in the construction sector, resulting in lower sales volumes for the 11 months ended 28 February 2025 in comparison to the prior period. However, it still managed to achieve an increase in EBITDA based on management's unaudited accounts. This performance improvement was primarily driven by cost-saving measures and higher selling prices, which outpaced inflation.
Debt management
Métier utilizes various vehicle and property finance facilities to fund its fleet and expansion projects. The current utilization stands at R125 million, from an available R200 million, in addition to an overdraft facility of R40 million. The net debt position at the end of February 2025 was R75 million.
Company outlook
While the Government of National Unity (GNU) remains intact, economic outcomes remain stagnant. However, the commencement of certain government infrastructure projects has been observed, and these are expected to contribute to the growth of the construction sector. As a leading indicator for construction activity, data on building plans passed continues to indicate constrained demand for building materials.
Given the current economic conditions, a defensive approach is necessary, with the flexibility to respond to short-term opportunities as they arise.
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Sephaku - transfer to the general segment
The Company's application to transfer its listing to the General Segment of the Main Board of the JSE Ltd. ("JSE") has been approved by the JSE with effect from Monday, 24 March 2025. Consequently, SepHold will now be classified as being a primary issuer listed in the General Segment of the JSE list.
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Sephaku - availability of B-BBEE certificate
Notice was given to shareholders that the Company's Annual Compliance Certificate, in terms of section 13G (2) of the Broad-Based Black Economic Empowerment Amendment Act No. 46 of 2013, is available on the Company's website: sephakuholdings.com/corporate-governance/governance-documents/
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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