COMPANIES: Barloworld management confident despite potential impact of Russian sanctions, but shareholders less so

Industrial equipment and Caterpillar reseller Barloworld has delivered a strong set of results across all its businesses in the six months to March 2022, despite supply chain constraints such as the global semiconductor shortage and the impact of Russia’s invasion of Ukraine which triggered higher fuel prices, global inflationary pressures and slower economic growth.

Equipment southern Africa also performed well, with revenue growing by 7.7% to R9.4-billion during the period under review, driven largely by machine sales and rentals ex-South Africa.saw revenue grow by 45.7% to R2.9-billion when compared with the prior period’s five months’ revenue — so bear in mind the comparison is flattering.

“Our Russian business shot the lights out over the last six months, but we have no certainty that this will continue — we are seeing orders being cancelled, revenue is slowing down and in the next financial year we could make a loss. So we can’t justify holding the value of the investment at this level,” says Barloworld CEO Dominic Sewela.

“Does one buy in anticipation of our president’s infrastructure spending plans? I’m not sure. Construction activity is still muted.”

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