JSE-listed explosives and chemicals group AECI, one of SA's oldest companies, says it's pleased with record growth revenue in for its half-year to end June, while it's also making progress in its strategy to diversify offshore.
Driven mostly by operations outside of SA, AECI increased its revenue 19% to R18.4 billion in the six months ended June, but profit only grew only 4% to R650 million. The group was weighed down by a R180 million loss by its Schirm business in Germany, which has been hit by a downturn in agrochemical demand in war torn Ukraine. The group almost halved its interim dividend to R1 per share.
Despite this, the company is pleased about progress in restructuring Schirm, CEO Holger Riemensperger said on Wednesday, while the group had also seen market expansion in both its water and mining businesses.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
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