Announcement • Apr 23
AECI Ltd, Annual General Meeting, May 27, 2026 AECI Ltd, Annual General Meeting, May 27, 2026. Location: aeci place, 24 the woodlands, woodlands drive, woodmead, sandton South Africa Announcement • Feb 16
AECI Ltd to Report Fiscal Year 2025 Results on Feb 25, 2026 AECI Ltd announced that they will report fiscal year 2025 results at 12:00 PM, South Africa Standard Time on Feb 25, 2026 Announcement • Dec 01
Steyn Capital Management (Pty) Ltd. acquired an unknown minority stake in AECI Ltd (JSE:AFE). Steyn Capital Management (Pty) Ltd. acquired an unknown minority stake in AECI Ltd (JSE:AFE) on December 1, 2025. Steyn Capital now holds a beneficial interest of 5.26% of the total issued ordinary share capital of AECI Ltd.
Steyn Capital Management (Pty) Ltd. completed the acquisition of an unknown minority stake in AECI Ltd (JSE:AFE) on December 1, 2025. Announcement • Jun 30
AECI Ltd to Report First Half, 2025 Results on Jul 30, 2025 AECI Ltd announced that they will report first half, 2025 results on Jul 30, 2025 Announcement • Jun 09
AECI Ltd to Report First Half, 2025 Results on Jul 30, 2025 AECI Ltd announced that they will report first half, 2025 results on Jul 30, 2025 Announcement • Apr 03
AECI Ltd Announces Committee Changes The Board of Directors (Board) of AECI Ltd. with effect from the conclusion of the annual general meeting of the Company to be held on or about the 27 May 2025, Ms Roets will resign as both chairperson of the Remuneration and Human Capital Committee and as a member of the Social, Ethics and Sustainability Committee, with Mr. July Ndlovu assuming the role of chairperson of the Remuneration and Human Capital Committee going forward. Ms Roets will remain a member of the Remuneration and Human Capital Committee. Announcement • Mar 31
Sphere Investments (Proprietary) Limited, OMPE VI GP Pty Limited, fund managed by Old Mutual Private Equity, and the management of Much Asphalt (Pty) Limited acquired Much Asphalt (Pty) Limited from AECI Ltd (JSE:AFE) for ZAR 1.1 billion. Sphere Investments (Proprietary) Limited, OMPE VI GP Pty Limited, fund managed by Old Mutual Private Equity, and the management of Much Asphalt (Pty) Limited entered into a share purchase agreement to acquire Much Asphalt (Pty) Limited from AECI Ltd (JSE:AFE) for ZAR 1.1 billion on November 4, 2024. A cash consideration of ZAR 1.1 billion will be paid by Sphere Investments (Proprietary) Limited, OMPE VI GP Pty Limited and Old Mutual Private Equity. The deal would be financed through a combination of debt and equity. The use of proceeds will be deployed in line with AECI’s capital allocation framework.
For the period ending December 31, 2023, Much Asphalt (Pty) Limited reported net income of ZAR 74 million and total common equity of ZAR 1.59 billion.
The transaction is expected to close during the first quarter of 2025, subject to customary regulatory approvals and the necessary approval by the competition authorities. As of February 26, 2024, The sale is progressing as expected, with all regulatory approvals now obtained. The remaining condition precedent (finalization of the locked-box exercise) is expected to be met in the first half of 2025.
Sphere Investments (Proprietary) Limited, OMPE VI GP Pty Limited, fund managed by Old Mutual Private Equity, and the management of Much Asphalt (Pty) Limited completed the acquisition of Much Asphalt (Pty) Limited from AECI Ltd (JSE:AFE) on March 31, 2025. Announcement • Feb 21
AECI Ltd Provides Earnings Guidance for the Year Ended 31 December 2024 AECI Ltd. provided earnings guidance for the year ended 31 December 2024. For the period, Company expects a basic loss per share from continuing and discontinued operations of between 241 cents and 295 cents compared to basic earnings per share from continuing and discontinued operations of 1,112 cents for the previous corresponding period. basic earnings per share from continuing operations of between 237 cents and 289 cents compared to basic earnings per share from continuing operations of 1,043 cents (restated) for the previous corresponding period, being a decrease of between 77% and 72%. Announcement • Feb 20
AECI Ltd to Report Q4, 2024 Results on Feb 26, 2025 AECI Ltd announced that they will report Q4, 2024 results on Feb 26, 2025 Announcement • Dec 18
AECI Limited Announces Appointment of Independent Non-Executive Directors AECI Limited announced the appointments of Mr. July Ndlovu and Mr. Billy Mawasha as independent non-executive directors to the Board of directors of AECI, with effect from 1 January 2025. Mr. Ndlovu's career spans over 30 years in mining operations, culminating in his appointment as Chief Executive Officer of Thungela Resources Limited. He has been an executive in mining since 2007, overseeing a variety of commodities across various markets. He brings extensive experience in mining operations, large scale projects and mergers & acquisitions in Southern Africa, as well as in Australia. He is known for his integrity and visionary approach and is highly respected for his ability to drive growth while maintaining a strong commitment to safety and operational excellence. Mr. Ndlovu currently serves as Board Chair of Futurecoal. His academic credentials include a Master's Degree in Business Leadership from the University of South Africa and a BSc in Metallurgical Engineering from the University of Zimbabwe. He has previously held senior positions at leading organisations, including Anglo American plc, Bindura Nickel Corporation, Zimasco and Zimbabwe Alloys. He also served as Board Chair of Unki Platinum Mine. Mr. Mawasha has extensive leadership experience in the South African mining industry, having held various executive leadership positions in De Beers, AngloGold Ashanti Limited and Kumba Iron Ore Limited. He was Country Head of Rio Tinto, South Africa, and Managing Director of Richards Bay Minerals. Mr. Mawasha holds a BSc, Electrical Engineering, from the University of Cape Town and brings a wealth of experience in driving growth, innovation, operations, risk management, investments and project delivery. He is the founder and Chief Executive Officer of Kolobe Nala Investment Company and a non-executive director of Exxaro Resources Limited, Impala Platinum Limited and Metair Investments Limited. Announcement • Nov 05
Sphere Investments (Proprietary) Limited, OMPE VI GP Pty Limited, fund managed by Old Mutual Private Equity, and the management of Much Asphalt (Pty) Limited announced the acquisition of Much Asphalt (Pty) Limited from AECI Ltd (JSE:AFE) for ZAR 1.1 billion. Sphere Investments (Proprietary) Limited, OMPE VI GP Pty Limited, fund managed by Old Mutual Private Equity, and the management of Much Asphalt (Pty) Limited entered into a share purchase agreement to acquire Much Asphalt (Pty) Limited from AECI Ltd (JSE:AFE) for ZAR 1.1 billion on November 4, 2024. A cash consideration of ZAR 1.1 billion will be paid by Sphere Investments (Proprietary) Limited, OMPE VI GP Pty Limited and Old Mutual Private Equity. The deal would be financed through a combination of debt and equity. The use of proceeds will be deployed in line with AECI’s capital allocation framework.
For the period ending December 31, 2023, Much Asphalt (Pty) Limited reported net income of ZAR 74 million and total common equity of ZAR 1.59 billion.
The transaction is expected to close during the first quarter of 2025, subject to customary regulatory approvals and the necessary approval by the competition authorities. Announcement • Aug 28
AECI Ltd Announces Appointment of Nombulelo Thokozile Moholi as an Independent Non-Executive Director to the Board of Directors, Effective from 1 September 2024 AECI Ltd. announced the appointment of Ms. Nombulelo Thokozile Moholi as an independent non-executive director to the Board of Directors of AECI with effect from 1 September 2024. She will be a member of the Investment, Innovation and Technology Committee and the Risk Committee. Ms Moholi brings over 30 years of experience in the South African corporate sector to her new role. She holds a BSC in electrical and electronics engineering and has completed the Stanford Executive Program from Stanford University. She previously served as the Chief Executive Officer for Telkom SA Limited, becoming the first black woman to head up a JSE-listed telecommunications company. In 2013, Ms. Moholi embarked on a career as a non-executive director. The boards she has served are Anglo American Platinum Limited; AVI Limited; Engen and Old Mutual. She is currently the board chair of Santam Limited and the Lead Independent Director of Woolworths Holdings Limited. Her diverse expertise has made her an invaluable asset to the boards she serves on, and she has received numerous awards and accolades for her leadership and contribution. Reported Earnings • Aug 05
First half 2024 earnings released: EPS: R2.33 (vs R6.00 in 1H 2023) First half 2024 results: EPS: R2.33 (down from R6.00 in 1H 2023). Revenue: R17.6b (down 4.5% from 1H 2023). Net income: R246.0m (down 61% from 1H 2023). Profit margin: 1.4% (down from 3.4% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jul 25
AECI Ltd Provides Earnings Guidance for the Six Months Period Ended 30 June 2024 AECI Ltd. provided earnings guidance for the six months period ended 30 June 2024. Earnings per share (EPS) for the period are expected to decrease by between 59% and 64% compared to the prior period, resulting in EPS between 246 cents and 215 cents. The reported EPS for the prior period was 600 cents per share. Announcement • May 31
AECI Ltd Announces Board Changes At the 100th Annual General Meeting (AGM) of the shareholders of AECI held on 28 May 2024 approved Election of Ms RJ Gabriels as an executive director, Election of Audit Committee member - Ms PG Sibiya. Election of Audit Committee member -Ms AM Roets. Election of Audit Committeemember - Ms FFT Dludlu (De Buck). Upcoming Dividend • Mar 27
Upcoming dividend of R1.19 per share Eligible shareholders must have bought the stock before 03 April 2024. Payment date: 08 April 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (4.7%). Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: R11.12 (vs R8.79 in FY 2022) Full year 2023 results: EPS: R11.12 (up from R8.79 in FY 2022). Revenue: R37.5b (up 5.4% from FY 2022). Net income: R1.18b (up 27% from FY 2022). Profit margin: 3.1% (up from 2.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 3.2% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Feb 28
AECI Declares Gross Final Cash Dividend in Respect of the Financial Year Ended 31 December 2023, Payable on 8 April 2024 The Directors of AECI declared a gross final cash dividend of 119 cents per share in respect of the financial year ended 31 December 2023. The dividend is payable on 8 April 2024 to holders of ordinary shares recorded in the register of the Company at the close of business on the record date, being 5 April 2024. Announcement • Feb 27
AECI Ltd Provides Earnings Guidance for the Year Ended December 31, 2023 AECI Ltd. provided earnings guidance for the year ended December 31, 2023. For the period, the company expects Group EPS to be in range of 1,042 cents to 1,131 cents. New Risk • Feb 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Dividend is not well covered by cash flows (139% cash payout ratio). Profit margins are more than 30% lower than last year (2.5% net profit margin). Buy Or Sell Opportunity • Feb 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €4.72. The fair value is estimated to be €6.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to decline by 1.6% in 2 years. Earnings are forecast to grow by 76% in the next 2 years. Buying Opportunity • Dec 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.9%. The fair value is estimated to be €6.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to decline by 1.6% in 2 years. Earnings is forecast to grow by 76% in the next 2 years. Announcement • Nov 01
AECI Limited Announces Directorate Change AECI announced that Mr. Mark Kathan will be stepping down as Executive Director of AECI Limited and Managing Director of AECI Mining by mutual agreement with effect from 31 October 2023. To ensure a smooth and quick transition of executive authority, Group CEO Holger Riemensperger, will act in the role until a successor is appointed. Mr. Kathan will consult to the business through to the end of the 2023 financial year to ensure continuity. The process to identify a new Managing Director for AECI Mining with global experience suitable for the future strategy and structure of the business will commence immediately. Mark has been with the Group for 15 years and was previously the Group Chief Financial Officer for 13 years. Upcoming Dividend • Aug 23
Upcoming dividend of R1.00 per share at 6.5% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 04 September 2023. Payout ratio is on the higher end at 75%, and the cash payout ratio is above 100%. Trailing yield: 6.5%. Within top quartile of German dividend payers (4.9%). In line with average of industry peers (6.0%). Reported Earnings • Jul 28
First half 2023 earnings released: EPS: R6.00 (vs R5.74 in 1H 2022) First half 2023 results: EPS: R6.00 (up from R5.74 in 1H 2022). Revenue: R18.4b (up 19% from 1H 2022). Net income: R633.0m (up 4.6% from 1H 2022). Profit margin: 3.4% (down from 3.9% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 5.5% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to grow by 1.4%. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Jul 26
AECI Ltd Declares Gross Interim Cash Dividend for the Six Months Ended 30 June 2023, Payable on 4 September 2023 The Directors of AECI declared a gross interim cash dividend of 100 cents per share in respect of the six months ended 30 June 2023. The dividend is payable on 4 September 2023 to holders of ordinary shares recorded in the register of the Company at the close of business on the record date, being 1 September 2023. The last day to trade “cum” dividend will be 29 August 2023 and shares will commence trading “ex” dividend as from the commencement of business on 30 August 2023. Announcement • Jun 02
AECI Ltd Announces Board Committee Changes AECI Ltd. announced that Board of Directors of the Company advised shareholders and noteholders of the following changes to the Board Committees: Ms Marna Roets, a Non-executive Director of the Company since 2020, has been appointed as the Chairman of the Remuneration and Human Capital Committee, succeeding Mr. Godfrey Gomwe, who retired from the Board following the conclusion of the Annual General Meeting held on 30 May 2023. Ms Roets is also a member of the Audit and Social, Ethics and Sustainability Committees as well as a member of the AECI Captive Insurance Financial Review Committee; Mr. Samuel Coetzer, a Non-executive Director of the Company, joins the Remuneration and Human Capital Committee as a member to further bolster the experience and expertise of the Committee; Mr. Mark Kathan, an Executive Director of the Company and Chief Executive Officer of AECI Mining Limited, steps down from his position as a member of the Risk Committee as well as the Safety, Health and Environment Committee to align with the functions of the AECI Executive Committee. All changes are effective immediately. Upcoming Dividend • Mar 28
Upcoming dividend of R5.80 per share at 8.4% yield Eligible shareholders must have bought the stock before 04 April 2023. Payment date: 11 April 2023. Payout ratio is on the higher end at 88% but the company is not cash flow positive. Trailing yield: 8.4%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (5.8%). Announcement • Jan 27
AECI Ltd Announces CEO Changes AECI Ltd. announced that Group Chief Executive Officer (“CEO”) Mark Anthony Dytor will formally retire with effect from 31 July 2023. Shareholders and noteholders are advised that Mark has decided to accelerate his retirement which will take effect from 31 January 2023 to pursue other interests. Furthermore, as announced on SENS on 27 July 2022, the AECI Board of Directors has initiated an extensive search process to identify a permanent Group CEO. The search process is being led by the Chairman of the Board, Dr. Khotso Mokhele and supported by a Search Committee compromising both local and international directors. The appointment of a suitable successor is at a very advanced stage of conclusion. In the interim, the Board has appointed Mr. Sam Coetzer, a current Independent Non-Executive Director of AECI, as acting Group CEO with effect from 1 February 2023 until the Board has completed its CEO appointment process. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive Director Sam Coetzer was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 24
Upcoming dividend of R1.94 per share Eligible shareholders must have bought the stock before 31 August 2022. Payment date: 05 September 2022. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 8.1%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (5.9%). Reported Earnings • Jul 30
First half 2022 earnings released: EPS: R5.74 (vs R5.31 in 1H 2021) First half 2022 results: EPS: R5.74 (up from R5.31 in 1H 2021). Revenue: R15.5b (up 31% from 1H 2021). Net income: R605.0m (up 8.0% from 1H 2021). Profit margin: 3.9% (down from 4.7% in 1H 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 1% per year. Recent Insider Transactions • May 01
Chief Executive & Executive Director recently sold €155k worth of stock On the 25th of April, Mark Dytor sold around 27k shares on-market at roughly €5.80 per share. This was the largest sale by an insider in the last 3 months. This was Mark's only on-market trade for the last 12 months. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Patty O’Brien was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 30
Upcoming dividend of R5.05 per share Eligible shareholders must have bought the stock before 06 April 2022. Payment date: 11 April 2022. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 6.0%. Within top quartile of German dividend payers (3.7%). Higher than average of industry peers (4.7%). Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: R11.25 (up from R1.26 in FY 2020). Revenue: R26.1b (up 8.1% from FY 2020). Net income: R1.19b (up R1.05b from FY 2020). Profit margin: 4.6% (up from 0.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 25
Upcoming dividend of R1.80 per share Eligible shareholders must have bought the stock before 01 September 2021. Payment date: 06 September 2021. Trailing yield: 6.5%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (3.5%). Board Change • Aug 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Patricia O’Brien was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 30
First half 2021 earnings released: EPS R5.31 (vs R2.46 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: R11.8b (up 4.8% from 1H 2020). Net income: R560.0m (up 116% from 1H 2020). Profit margin: 4.7% (up from 2.3% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Jun 03
Insider recently sold €108k worth of stock On the 1st of June, Edwin Ludick sold around 18k shares on-market at roughly €6.11 per share. In the last 3 months, they made an even bigger sale worth €224k. Insiders have been net sellers, collectively disposing of €1.4m more than they bought in the last 12 months. Recent Insider Transactions • Apr 29
Chief Executive & Executive Director recently sold €160k worth of stock On the 23rd of April, Mark Dytor sold around 27k shares on-market at roughly €5.93 per share. In the last 3 months, there was an even bigger sale from another insider worth €224k. Mark has been a seller over the last 12 months, reducing personal holdings by €345k. Recent Insider Transactions • Apr 14
Insider recently sold €224k worth of stock On the 9th of April, Edwin Ludick sold around 40k shares on-market at roughly €5.59 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €837k more than they bought in the last 12 months. Upcoming Dividend • Apr 01
Upcoming dividend of R4.70 per share Eligible shareholders must have bought the stock before 07 April 2021. Payment date: 12 April 2021. Trailing yield: 5.4%. Within top quartile of German dividend payers (3.3%). Higher than average of industry peers (3.5%). Is New 90 Day High Low • Feb 26
New 90-day high: €5.50 The company is up 20% from its price of €4.60 on 27 November 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 9.0% over the same period. Is New 90 Day High Low • Feb 06
New 90-day high: €4.92 The company is up 13% from its price of €4.34 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 26% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: €4.88 The company is up 18% from its price of €4.14 on 23 October 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: €4.78 The company is up 17% from its price of €4.10 on 18 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 13% over the same period. Recent Insider Transactions • Nov 14
Chief Executive & Executive Director recently sold €185k worth of stock On the 5th of November, Mark Dytor sold around 43k shares on-market at roughly €4.34 per share. This was the largest sale by an insider in the last 3 months. This was Mark's only on-market trade for the last 12 months. Is New 90 Day High Low • Nov 11
New 90-day high: €4.44 The company is up 2.0% from its price of €4.36 on 13 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 6.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: €3.72 The company is down 6.0% from its price of €3.96 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 8.0% over the same period. 
