Afrimat Management

Management criteria checks 4/4

Afrimat's CEO is Andries van Heerden, appointed in Oct 2006, has a tenure of 18.25 years. total yearly compensation is ZAR7.27M, comprised of 96.9% salary and 3.1% bonuses, including company stock and options. directly owns 3.58% of the company’s shares, worth ZAR356.30M. The average tenure of the management team and the board of directors is 2.8 years and 7.8 years respectively.

Key information

Andries van Heerden

Chief executive officer

R7.3m

Total compensation

CEO salary percentage	96.9%
CEO tenure	18.3yrs
CEO ownership	3.6%
Management average tenure	2.8yrs
Board average tenure	7.8yrs

Recent management updates

Recent updates

Afrimat (JSE:AFT) Has Gifted Shareholders With A Fantastic 119% Total Return On Their Investment

Mar 04

Is Afrimat Limited's (JSE:AFT) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?

Jan 25

What Type Of Shareholders Own The Most Number of Afrimat Limited (JSE:AFT) Shares?

Jan 14

Is Afrimat Limited (JSE:AFT) A Smart Pick For Income Investors?

Jan 04

What Can We Make Of Afrimat's (JSE:AFT) CEO Compensation?

Dec 24

Can Afrimat (JSE:AFT) Prolong Its Impressive Returns?

Dec 14

Here's Why I Think Afrimat (JSE:AFT) Is An Interesting Stock

Dec 02

Be Sure To Check Out Afrimat Limited (JSE:AFT) Before It Goes Ex-Dividend

Nov 21

CEO Compensation Analysis

How has Andries van Heerden's remuneration changed compared to Afrimat's earnings?
Date	Total Compensation	Salary	Company Earnings
Aug 31 2024	n/a	n/a	R754m
May 31 2024	n/a	n/a	R768m
Feb 29 2024	R7m	R7m	R782m
Nov 30 2023	n/a	n/a	R734m
Aug 31 2023	n/a	n/a	R686m
May 31 2023	n/a	n/a	R674m
Feb 28 2023	R6m	R6m	R661m
Nov 30 2022	n/a	n/a	R693m
Aug 31 2022	n/a	n/a	R725m
May 31 2022	n/a	n/a	R749m
Feb 28 2022	R6m	R6m	R773m
Nov 30 2021	n/a	n/a	R850m
Aug 31 2021	n/a	n/a	R928m
May 31 2021	n/a	n/a	R851m
Feb 28 2021	R6m	R5m	R774m
Nov 30 2020	n/a	n/a	R618m
Aug 31 2020	n/a	n/a	R462m
May 31 2020	n/a	n/a	R462m
Feb 29 2020	R10m	R5m	R463m
Nov 30 2019	n/a	n/a	R441m
Aug 31 2019	n/a	n/a	R420m
May 31 2019	n/a	n/a	R361m
Feb 28 2019	R9m	R4m	R301m
Nov 30 2018	n/a	n/a	R269m
Aug 31 2018	n/a	n/a	R236m
May 31 2018	n/a	n/a	R241m
Feb 28 2018	R7m	R4m	R246m

Compensation vs Market: Andries's total compensation ($USD392.63K) is below average for companies of similar size in the ZA market ($USD1.04M).

Compensation vs Earnings: Andries's compensation has been consistent with company performance over the past year.

CEO

Andries van Heerden (59 yo)

18.3yrs

Tenure

R7,266,000

Compensation

Mr. Andries Johannes van Heerden, B.Eng (Mech), MBA, has been Chief Executive Officer of Afrimat Limited since October 4, 2006. Mr. van Heerden started his career at Iscor Mining serving in different manag...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Andries van Heerden	CEO & Executive Director	18.3yrs	R7.27m	3.58% ZAR 356.3m
Pieter Gabriel de Wit	CFO & Director	no data	R4.35m	0.26% ZAR 25.6m
Marthinus Odendaal	COO of Mining & Executive Director	2.8yrs	R4.27m	0.28% ZAR 27.5m
Collin Ramukhubathi	Executive Director	no data	R4.26m	0.17% ZAR 16.9m
Andre Smith	Deputy Chief Financial Officer	1.4yrs	R5.94m	no data
Tanya Pretorius	Head of Communications	1.4yrs	no data	no data
Anton Gerber	General Manager of Human Resources	no data	no data	no data
Catharine Burger	Company Secretary	4.9yrs	no data	no data

2.8yrs

Average Tenure

58yo

Average Age

Experienced Management: AFT's management team is considered experienced (2.8 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Andries van Heerden	CEO & Executive Director	18.3yrs	R7.27m	3.58% ZAR 356.3m
Pieter Gabriel de Wit	CFO & Director	no data	R4.35m	0.26% ZAR 25.6m
Marthinus Odendaal	COO of Mining & Executive Director	2.8yrs	R4.27m	0.28% ZAR 27.5m
Collin Ramukhubathi	Executive Director	5.2yrs	R4.26m	0.17% ZAR 16.9m
Johannes Hendrick van der Merwe	Independent Non-Executive Director	7.8yrs	R504.00k	no data
Loyiso Dotwana	Non-Executive Director	17.3yrs	R662.00k	no data
Phuti Rachel Tsukudu	Independent Non-Executive Director	16yrs	R523.00k	no data
Jacobus van der Merwe	Lead Independent Director	10.4yrs	R751.00k	0.020% ZAR 2.0m
Francois Louw	Independent Non-Executive Chairman	7.2yrs	R1.43m	0.14% ZAR 14.1m
Nicolaas Abraham Kruger	Independent Non-Executive Director	1.9yrs	R675.00k	0.016% ZAR 1.6m
Gert Coffee	Independent Non-Executive Director	14.2yrs	R436.00k	0.45% ZAR 44.6m
Sisanda Tuku	Independent Non-Executive Director	2.7yrs	R557.00k	no data

7.8yrs

Average Tenure

59yo

Average Age

Experienced Board: AFT's board of directors are considered experienced (7.8 years average tenure).

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/01/21 00:07
End of Day Share Price	2025/01/21 00:00
Earnings	2024/08/31
Annual Earnings	2024/02/29

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Afrimat Limited is covered by 4 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Hugan Chetty	Afrifocus Securities (Pty) Ltd.
Rowan Goeller	Chronux Research
Rowan Goeller	Macquarie Research

Afrimat Management

Management criteria checks 4/4

Key information

Recent management updates

Afrimat Limited Appoints Andre Smith as Permanent Deputy CFO

CFO & Director recently sold R2.2m worth of stock

Independent Non-Executive Director recently bought R1.7m worth of stock

COO of Mining & Executive Director recently sold R535k worth of stock

Executive Director recently sold R1.0m worth of stock

COO of Mining & Executive Director exercised options to buy R3.9m worth of stock.

Recent updates

Afrimat Limited Appoints Andre Smith as Permanent Deputy CFO

New minor risk - Insider selling

CFO & Director recently sold R2.2m worth of stock

Upcoming dividend of R0.10 per share

Independent Non-Executive Director recently bought R1.7m worth of stock

First half 2025 earnings released: EPS: R2.32 (vs R2.54 in 1H 2024)

Price target decreased by 11% to R80.00

First half dividend reduced to R0.10

New minor risk - Earnings quality

Afrimat Limited Announces Interim Gross Dividend for the Six Months Ended 31 August 2024, Payable on 25 November 2024

Afrimat Limited Provides Earnings Guidance for the Six-Month Period Ended 31 August 2024

COO of Mining & Executive Director recently sold R535k worth of stock

Executive Director recently sold R1.0m worth of stock

New minor risk - Shareholder dilution

COO of Mining & Executive Director exercised options to buy R3.9m worth of stock.

Final dividend increased to R1.54

Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind

Afrimat Limited Declares Final Gross Dividend for the Year Ended 29 February 2024, Payable on 10 June 2024

New minor risk - Financial data availability

New minor risk - Shareholder dilution

Afrimat Limited to Report Fiscal Year 2024 Results on May 15, 2024

COO of Mining & Executive Director recently bought R122k worth of stock

CFO & Director recently sold R1.2m worth of stock

Upcoming dividend of R0.40 per share at 2.7% yield

First half 2024 earnings released: EPS: R2.54 (vs R2.52 in 1H 2023)

An undisclosed buyer acquired unknown minority stake in Afrimat Limited (JSE:AFT) from Public Investment Corporation Limited.

COO of Mining & Executive Director recently sold R149k worth of stock

Afrimat Limited Announces Executive Changes

COO of Mining & Executive Director exercised options to buy R3.2m worth of stock.

Afrimat Limited, Annual General Meeting, Aug 02, 2023

Afrimat Limited (JSE:AFT) entered into a share purchase agreement to acquire Lafarge South Africa (Pty) Ltd. from Caricement BV for approximately ZAR 1 billion.

Afrimat Limited (JSE:AFT) entered into a share purchase agreement to acquire Lafarge South Africa (Pty) Ltd. from Caricement BV for approximately ZAR 1 billion.

Upcoming dividend of R1.10 per share at 2.9% yield

CEO & Executive Director exercised options to buy R7.1m worth of stock.

Afrimat Limited Declares Final Gross Dividend in Respect of the Year Ended 28 February 2023, Payable on 12 June 2023

Afrimat Limited Appoints Nicolaas Kruger as A Non-Executive Board Member, with effect from 1 February 2023

Upcoming dividend of R0.40 per share

First half 2023 earnings released: EPS: R2.52 (vs R2.92 in 1H 2022)

Afrimat Limited to Report Q2, 2023 Results on Oct 27, 2022

Independent Non-Executive Director recently bought R259k worth of stock

Afrimat Limited, Annual General Meeting, Aug 03, 2022

Upcoming dividend of R1.46 per share

Afrimat Limited Appoints Sisanda Tuku as Non-Executive Board Member

Afrimat Limited to Report Fiscal Year 2022 Results on May 19, 2022

CEO & Executive Director exercised options to buy R3.7m worth of stock.

Independent Chairman recently sold R12m worth of stock

Afrimat Limited (JSE:AFT) agreed to acquire Glenover Phosphate (Pty) Ltd from Fer-Min-Ore Proprietary Limited and others for ZAR 550 million.

CFO & Director exercised options to buy R1.9m worth of stock.

Upcoming dividend of R0.40 per share

Independent Non-Executive Director recently bought R128k worth of stock

CEO & Executive Director exercised options to buy R8.6m worth of stock.

First half 2022 earnings released: EPS R2.92 (vs R1.84 in 1H 2021)

Key Executive recently sold R4.1m worth of stock

Upcoming dividend of R1.12 per share

Full year 2021 earnings released: EPS R4.44 (vs R3.42 in FY 2020)

Afrimat Limited Announces Final Gross Dividend for the Year Ended February 28, 2021, Payable on 21 June 2021

Afrimat Limited (JSE:AFT) agreed to acquire Gravenhage Manganese Mining RIght and Associated Assets from Rakana Consolidated Mines Pty Ltd and Aquila Steel (S Africa) Proprietary Limited in the Northern Cape for ZAR 650 million.

On behalf of clients, Public Investment Corporation SOC Limited acquired an unknown stake in Afrimat Limited (JSE:AFT).

Afrimat (JSE:AFT) Has Gifted Shareholders With A Fantastic 119% Total Return On Their Investment

Have Afrimat Limited (JSE:AFT) Insiders Been Selling Their Stock?

Afrimat Limited Announces Executive Changes

Afrimat (JSE:AFT) Has A Rock Solid Balance Sheet

New 90-day high: R44.27

Independent Non Executive Director recently sold R200k worth of stock

How Many Afrimat Limited (JSE:AFT) Shares Have Insiders Sold, In The Last Year?

An unknown buyer won an auction to acquire Unicorn Capital Partners Limited from Afrimat Limited (JSE:AFT).

Is Afrimat Limited's (JSE:AFT) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?

What Type Of Shareholders Own The Most Number of Afrimat Limited (JSE:AFT) Shares?

Is Afrimat Limited (JSE:AFT) A Smart Pick For Income Investors?