Miner Wescoal disclosed on Tuesday that its headline earnings had increased by 311 percent to 46.4 cents per share for the financial year that ended in March 31, 2018, while mining volumes doubled for the second consecutive year.
Revenue increased by 67 percent to R3.527 billion and the board resolved to declare a final dividend of R35 million for the year.
The company said it had completed its acquisition of Keaton, a key milestone and a strategic as well as transformational boost to coal production and processing.
“Wescoal has grown into a substantial mining and resource trading enterprise having successfully integrated Keaton,” CEO Waheed Sulaiman said.
“The business continues to seek methods to increasing its presence as a key component of our country’s energy supply chain while looking at other diversification strategies including the exportation markets.”