Cape Town - Diversification across sectors and regions helped Consolidated Infrastructure Group (CIG) lift profit for the year to August by 28 percent, from R258 million to R331 million, on revenue that was 37 percent higher at R3.6 billion.
A statement from CIG – which has operations in power and electrical, oil and gas, building materials and the railway sector covering a large geographic footprint across Sub-Saharan Africa – said headline earnings per share came in at 220.7 cents, an 18 percent improvement on 187.8 cents per share last time.
The statement said: “Solid growth was achieved across all of CIG’s divisions, both within South Africa and throughout Sub-Saharan Africa.
“Extensive effort is made to ensure that sufficient capital is available for expansion and delivery, particularly for the South African renewable energy projects.”
CIG said all earnings would be used to fund anticipated growth in the coming year, therefore no dividend was declared.
The group also said it had concluded an underwriting agreement to raise an additional R250 million of equity, which would be used to support the growth of substation and line work demand outside South Africa as well as extensive growth in demand from the renewable energy sector in South Africa.
Demand for electrification remains high across the African markets and CIG’s power order book improved by 36 percent during the year under review, from R3 billion to R4.1 billion.
AFRICAN NEWS AGENCY