Jubilee Metals shares rise on double-digit growth in profit
JOHANNESBURG – Jubilee Metals rose nearly 5percent on the JSE yesterday after the metal recovery business told the market that it had recorded double-digit growth in profits for the year to June 2019 on the back of a broad commodity basket.
Jubilee, whose operations are based in six countries, including South Africa and Zambia, reported a £4.87 million (R93.41m) operating profit from R1.04m in 2018 with an operating margin of 20.64percent.
Group revenue jumped 66.81percent to £23.59m with its newly acquired Windsor Chrome Operations delivering 149272 tons of chrome concentrate since January 2019 and generating revenue of £5.75m.
Jubilee did not declare any dividends for the period.
Non-executive chairperson Colin Bird said that the group realised the stronger profit on the back of the successful implementation of a defined strategy.
Source: iol.co.za