“The group reported a major second half performance improvement on the comparable period,” said the company in a statement.
(READ MORE: Illiad Africa records flat growth for Q2)
The group focuses on general building materials (GBM), sourced locally, and specialised building materials (SBM), which includes a range of differentiated and value-added products.
Group revenue on their future portfolio increased by 4.1 per cent, mainly due to an improved performance in their coastal based GBM division and SBM division.
Earnings before interest, taxes, depreciation, and amortization rose from 146.5 million rand for 2012 to 149.2 million rand in 2013.
A final dividend for the period remains the same as it was for 2012, at 20 cent per share.
The group ended the year with a net cash of 38.8 million rand, compared to a net overdraft of 76.9 million rand at the end of 2012, mainly due to the proceeds of the disposal of their Ceramics Cash & Carry, Ceramics and Timber Wholesale businesses.
As a result, Iliad posted a loss in full year earnings of 4.8 cents per share, compared to earnings of 24.3 cents per share for 2012.
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“Iliad’s ongoing focus on procurement and improving cost structures has countered these conditions to some extent. Against this background and as part of our portfolio review to maintain the strategic balance of the group’s national footprint, the decision had been made to sell components of our Ceramics Cash & Carry, Ceramics and Timber Wholesale businesses. These disposals have now been fully implemented,” continued the statement.
Their GBM division produced a mixed performance. The inland subdivision recorded muted results with a two per cent increase in revenue, while the coastal subdivision delivered revenue increase of 3.4 per cent.
Their SBM division however reported an 8.5 per cent revenue increase for the future portfolio.
“The first eight weeks since financial year end reflected an increase in revenue of approximately 5.8 per cent on that of the comparable eight weeks of 2013,” said the company.
During the period, the group’s chairman and director, Howard Turner, retired and was succeeded by Andile Sangqu.
“This industry continues to adjust to changing trading conditions in a competitive environment. The infrastructural efficiencies implemented during the year, stringent performance targets, realignment of the portfolio and implementation of various key strategic initiatives ensure the group is well positioned to capitalise on opportunities as growth gradually returns to the market,” added the company.