PR Newswire
AECI LIMITED
(Incorporated in the Republic of South Africa) (Registration Number 1924/002590/06)
Tax reference number: 9000008608 Share code: AFE ISIN: ZAE000000220 Hybrid code: AFEP ISIN: ZAE000000238
Bond company code: AECI LEI: 3789008641 F1D3D90E85
(AECI or the Company or the Group)
VOLUNTARY UPDATE FOR THE TEN MONTHS ENDED 31 OCTOBER 2024
2024, a year of transition for AECI
Since announcing our case for change and our strategy on 6 November 2023, we have made substantial progress in executing our strategy, and we have achieved key strategic milestones, which include:
· the implementation of our new operating model;
· the establishment of a new executive leadership team that is driving our transformation in line with the roll-out of the new operating model;
· the rolling out of our leadership compact, culture code and desired behaviours designed to foster a high performance culture;
· progressing portfolio optimisation through the signing of sale agreements for AECI Animal Health and AECI Much Asphalt;
· delivering our 2024 R800 million EBITDA run rate;
· stabilising the Group's ammonia supply in line with our drive for operational and functional excellence;
· increasing investment in maintenance of our existing asset base; and
· delivering on our globalisation strategy by increasing our mining explosives sales volumes in Central Africa and Asia Pacific following the fulfilment of new Asia Pacific and Rest of Africa contracts.
The achievement of these key strategic milestones positions us well to continue driving operational efficiencies, boosting profitability in the short to medium term and laying a solid foundation for sustainable long-term growth.
Statement from the Group CEO
"This year has been a transformative journey for AECI, marked by significant progress in executing our strategy and reshaping the organisation to meet evolving market demands. These changes have strengthened our management structure and team, improved efficiencies, and positioned us well to achieve our strategic ambitions.
While the Group faced challenges in the Mining segment, including declining domestic volumes and ammonia prices. Our international contracts in Asia-Pacific have helped mitigate these pressures.
With the value delivery from our strategic initiatives on track and a clear vision for the future, I am confident in our ability to deliver lasting value and to seize new opportunities."
RESULTS FOR THE 10 MONTHS ENDED 31 OCTOBER 2024
Safety
As of 31 October 2024, the Group's Total Recordable Incident Rate (TRIR) improved to 0.31, down from
0.35 in 31 December 2023. As we
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