African Oxygen improves earnings by 11.5%

Gas manufacturer African Oxygen has disclosed on Monday, 10th of September, which it has increased revenue by 3.9 percent to R2.9 billion in the half year to June, while headline earnings per share rose 11.5 percent to 104 cents.

The company explained that, it has managed to increase both revenue and earnings before interest, taxation, depreciation and amortisation due to volume increases in liquefied petroleum gas, healthcare and bulk industrial gases in combination with good cost control management and the impact from efficiencies across the organisation.

“The low economic growth is likely to continue for the rest of the financial year, However, Afrox will focus on specific growth opportunities especially the healthcare tender award, and continue with cost containment and effective price cost recoveries,” It added.

Afrox however, has declared an interim gross cash dividend of 52 cents per ordinary share.