| Hulamin is pleased to announce its full-year results for the year ended 31 December 2024. Shareholders are advised that the Company’s consolidated audited annual financial statements for the year ended 31 December 2024 (“2024 AFS”) and its Integrated Annual Report for the year ended 31 December 2024, including a notice of annual general meeting (“AGM”), a Form of Proxy and a summary of the 2024 AFS, were published on the websites of the JSE Limited and the Group today, 17 March 2025. |
| Results Headlines |
- Demand recovery constrained by operational challenges resulting in Rolled product volumes being only 2% up year on year at 173 167 tons.
|
- Improved mix: local sales at 55% coupled with record can body and plate volumes
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- Coil Coating Line 2 fire impacted 8,000 t of higher margin export Can End & Tab.
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- Normalised EBITDA down by 12% to R544 million.
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- Successful completion of Phase 1 & 2 of of market-driven strategic capital spend related to the wide Can Body investment. The final phase is to be completed in 2025.
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- Capital expenditure at R569m driven by growth in strategic capital investments
|
| Results Overview |
| The 2024 financial year began with promise as market conditions showed significant improvement, particularly in the Company’s export segments. Demand recovery brought renewed opportunities although pricing pressures in certain streams, such as export can stock and standards, persisted. Locally, demand remained robust, with strong momentum for Can Body. |
| While operational challenges and the fire at the Can End finishing line limited some opportunities created by this demand recovery in the second half of the year, Hulamin demonstrated resilient performance. Despite these challenges, the focus remained on executing against the Company’s committed five-year strategy, with successful completion of phase 1 & 2 of market driven wide Can Body investment. |
| With significant strides made in the execution of Hulamin’s strategic goals, the focus for 2025 remains on commercial-wide Can Body production by the end of quarter 4, continued growth in core market segments, scrap utilisation and group investment simplification. Reducing the Company’s working capital net debt remains a priority. |
| Financial Headlines |
| The audited financial results for the year ended 31 December 2024 (“current period” or “2024”), as compared to the audited results for the year ended 31 December 2023 (“comparative period” or “2023”), are set out below: |
| |
2024 |
2023 |
| |
R’000 |
Percentage
change |
R’000 |
| Revenue |
13 635 089 |
(1)% |
13 795 628 |
| Operating profit |
540 381 |
2% |
532 019 |
| Normalised operating profit |
378 923 |
(22)% |
485 676 |
| Basic earnings per share (cents) |
80 |
(9)% |
88 |
| Basic headline earnings per share (cents) |
64 |
(28)% |
88 |
| Basic normalised headline profit per share (cents)
(note 1) |
42 |
(45)% |
77 |
|
| No dividend was declared in respect of the current period or the comparative period. |
| Note 1: Normalised headline earnings per share |
| Normalised headline earnings per share is one of the measurement bases Hulamin uses in assessing its financial performance and is calculated in a consistent manner as detailed in the 2024 AFS, by dividing normalised headline earnings by the weighted average number of ordinary shares in issue during the year. |
| Normalised headline earnings are defined as headline earnings excluding (i) metal price lag and (ii) non-trading expense or income items which, due to their irregular occurrence, are removed to more closely present earnings attributable to the ongoing activities of the Group. For 2024, normalised headline earnings include an adjustment for metal price lag and other non-trading items. |
| The presentation of normalised headline earnings is not an IFRS requirement and may not be directly comparable with the same or similar measures disclosed by other companies |
| For the full document click the link below: |
| Hulamin Limited |
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