Photo by: Duane Daws
JOHANNESBURG (miningweekly.com) – Engineering solutions provider ELB Group has reported an 18% increase in turnover for the year, boosting overall income, from R1.9-billion in 2013, to R2.3-billion for the 12 months ended June 30.
Describing this as “a satisfactory result, given the current difficult trading conditions” the group added in a results statement on Friday that profit for the year increased 11%, from R118-million in 2013, to R131-million in the period under review, largely as a result of an increase in the engineering services division’s performance.
ELB's share of comprehensive income, meanwhile, decreased 3%, from R111-million in 2013, to R108-million in the year under review, largely owing to a R13-million adjustment to the Pension Fund Employer Surplus Account.
Moreover, the net asset value per share attributable to ordinary shareholders increased from R23.45 in 2013, to R27.28 in 2014, an increase of 16%, while headline earnings a share for the year increased 2%, from R3.74 in the prior year, to R3.82.
“Owing to the project nature of the business, there is no consistent correlation between turnover and profit in accounting periods, as profit recognition largely increases during the latter stages of projects,” the company stated.
ELB declared a final dividend of 67c per ordinary share, bringing the total dividend for the year to 95c apiece.