Business 26.6.2018 07:50 am

Wescoal increases earnings

Miner Wescoal has increased its earnings per share and has completed its acquisition of Keaton.

Miner Wescoal said on Tuesday its headline earnings increased by 311 percent to 46.4 cents per share for the financial year that ended in March 31, 2018, while mining volumes doubled for the second consecutive year.

Revenue increased by 67 percent to R3.527 billion and the board resolved to declare a final dividend of R35 million for the year.

The company said it had completed its acquisition of Keaton, a key milestone and a strategic as well as transformational boost to coal production and processing.

“Wescoal has grown into a substantial mining and resource trading enterprise having successfully integrated Keaton,” CEO Waheed Sulaiman said.

“The business continues to seek ways to increase its presence as a key component of our country’s energy supply chain while looking at various diversification strategies including the export markets.”

 

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