File image: IOL.

JOHANNESBURG - Industrial brand management company Barloworld said on Monday its headline earnings per share from continuing operations rose 18 percent to 1,151 cents in the year to September.

Barloworld approved a total dividend per share of 462 cents, up 18 percent over the previous year.

The company had produced a strong result despite a difficult trading and economic environment, chief executive Dominic Sewela said.

"The solid performance was particularly due to robust earnings growth in Equipment Russia, the turnaround of the logistics business and the strong associate income from the Bartrac JV (joint venture) in the Katanga region of the Democratic Republic of Congo," he said.

"Equipment southern Africa and Automotive performances were satisfactory in a challenging economic cycle."

Barloworld said it had entered into agreements aimed at implementing a broad-based black economic empowerment (B-BBEE) transaction encompassing the issue of nearly 6.6 million ordinary shares which would constitute three percent of the entire issued share capital of the company.

It said the transaction would confer B-BBEE ownership to Barloworld equivalent to 14 percent in terms of the BEE codes, which would increase B-BBEE ownership to 48 percent, excluding mandated investments, while limiting dilution to shareholders to three percent.

- African News Agency (ANA)