JSE-listed forestry company York Timber delivered a stronger financial performance in the six months to end-December after growing its biological asset value 5% to R2.978bn year on year.
The Mpumalanga-based company, which operates in the full forestry value chain and has sawmilling operations and a plywood plant, reported headline earnings per share (HEPS) of 14.31c, up from 4.67c.
Added to this was a significant jump in cash generated from operations. After using R7.8m in cash in the previous first half, the group’s operations generated R45.7m.
This follows York’s return to profitability in the year to end-June, after experiencing tough market conditions in 2023.
Its core loss per share narrowed to 0.09c from 10.06c.
York was founded in 1916 and listed in 1946. It is now valued at R956m on the JSE, with its share price having lost more than 12% this year.
While revenue increased by 18% to just more than R1bn, the group’s net debt was recorded at R500m, having grown by R70m in the first half. It opted not to declare an interim dividend.
Excluding impairments and fair value adjustments on its biological assets, York’s earnings before interest, taxation, depreciation and amortisation (ebitda) increased by R76m to R84.6m.
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