Sephaku cuts debt and costs as economic downturn persists

Building and construction materials group Sephaku Holdings has cut debt and reduced expenses as it expects low demand for building materials in the next two years because of the sluggish economic growth.

In the six months ended March, the company, which owns mixed concrete maker Métier, reduced expenses by R4.8m. The group said its target was to reduce expenses from the current R22.9m to R18.4m by the end of March 2020.SepHold has cut debt by R1bn since the 2015 financial year. SepHold’s profit after tax was relatively flat at R44m while headline earnings per share increased from the previous 20.92c to 21.08c.

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