Stripping out Wescoal’s once-off nonrecurring costs paints a pretty picture of the performance of this black-controlled coal-mining and coal-marketing junior, which has declared a dividend payout of R22-million compared with R10-million last year The once-off costs of R90-million arose from the transaction that assures 51% black control for the company, and also from its acquisition of coal-mining company Keaton Energy, which brings new optionality in the form of particularly the Vanggatfontein mine and the Moabsvelden project, which are being integrated into the enlarged Wescoal stable. Minus the nonrecurring costs, Wescoal’s latest set of 2017 financial year (FY17) results show normalised earnings before interest, taxes, depreciation and amortisation (Ebitda) at a 94%-higher R294-million, and earnings a share at a doubled 54c a share, up from 27c a share in FY16.
