CAPE TOWN - Waste management company Interwaste has increased its revenue by 24 percent to R595 million in the six months to June despite a challenging legislative environment both locally and internationally.
The group was hamstrung by lower than expected growth in the South African Gross Domestic Product (GDP) and China's ban on importing certain waste and slag type which meant stockpiling of these materials while new markets are being sought.
The group saw strong sustainable cash generation with cash generated before financing of R78.2 million, up from R76.0 m the same times last year.
It said its profit before tax also increased 47 percent to R47.8 m from R32.6 million recorded during the corresponding period last year.
Operating profit rose 22 percent to R59.8m, and profit before tax 47 percent to R47.8m.
"The trading environment remains competitive but Interwaste's strategy of providing intergrated waste management solutions and controlling the entire value chain affords us a competitive advantage,"the group said in its Stock Exchange News Service (SENS) announcement.