AG Industries Earnings Up

Glass and aluminium products manufacturer AG Industries (AGI) reported that fully diluted headline earnings per share for the six months ended December had increased from 19.3 cents to 20.2 cents.

Operating profit for the half-year increased by 7% from 62 million rand to 66.6 million rand.

This was on the back of a 6% growth in revenue from 586 million rand to almost 621 million rand.

The group said its domestic businesses contributed around 93% of its revenue, with the domestic market seeing robust demand for products supplied into both the new and refurbished commercial building sector, resulting in a record performance for the Glass Division.

The international businesses which contribute 7% to group revenue increased revenues from 63.9 million rand in 2005 to 64.7 million rand for the current period and increased operating margin from 1 million rand to 4.7 million rand.

The group has adopted a policy of one distribution to shareholders at the end of each financial year, therefore no interim distribution was proposed.

Looking ahead, AG Industries said the spend during the period under review has built a strong platform for continued growth and has positioned the group uniquely in its market due to its ability to offer an integrated glass and aluminium solution.

"Going forward, the Group is therefore confident that it will tap into many exciting opportunities within the building and construction sector.

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600450 AG Industries Earnings Up

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