DURBAN – The Master Drilling Group has set its sights on new opportunities in Russia and Australia to boost its revenue as its home market of South Africa continues to struggle with low economic growth.
Chief executive Danie Pretorius said the local domestic macroeconomic environment remained mixed in the first half of 2019 as market players, businesses and investors held back on investments ahead of the national elections in May.
“In the face of continued uncertainty and volatility… we have worked hard to position our existing businesses across regions, while stabilising new operations and growing our presence in new territories where we believe opportunities will arise, such as in Russia and Australia,” Pretorius said.
Master Drilling delivers innovative drilling technologies and has built partner relationships with blue-chip major and mid-tier companies in the mining, hydro-electric energy, civil engineering and construction sectors across various commodities worldwide.
The group reported a 3.8 percent increase in revenue to $70 million (R1.03 billion) in the six months to end June positively impacted by the acquisition of the Atlantis Group while operating profit decreased 8.3 percent to $11.8m.