Group profit rose 23% to R236.2 million in the year to end-March, Argent said, boosted by strong recovery in the global aviation industry. This helped its UK fuel storage businesses, which it is investing in operationally.
Argent upped its dividend 126% to 95c - about a R53 million payout, while it also spent about R15.3 million buying back its own shares. Argent, valued at just under R900 million on the JSE, has businesses in SA, the UK and the US. It generates about 58% of its revenue in SA, about 23% in the UK, and 8% in the rest of Africa, actively exporting its products to 35 countries, including in Asia and the Middle East and Australasia.
The South African subsidiaries include the trading companies Phoenix Steel and Gammid, which both have trading and processing operations in the stainless, aluminium, and mild steel markets. The retail manufacturing companies are Xpanda, American Shutters, Jetmaster, and Castor and Ladder, while its industrial manufacturing companies are Hendor Mining, a manufacturer of underground mining scrapers; Koch’s Cut and Supply, a specialist engineered steel jobbing shop; and Pro Crane Services, which manufactures industrial lifting equipment. It also owns Megamix, which is a concrete mixing and distribution company in the Western Cape, which also has a stone quarry located in Villiersdorp.