Consolidated Infrastructure Group (CIG) reported 29% interim revenue growth to R2.7bn but a 3% drop in aftertax profit to R203m. This appeared to disappoint the market, which sent its share down as much as 7% to R17.70 before recovering to R18.13 at 10.45am. CIG generated 65% of its aftertax profit outside of SA, CEO Raoul Gamsu said. The group segments itself into five divisions: the largest is power, which contributed 61% of net profit; followed by oil and gas with 16%; corporate with 10%, building materials with 8% and rail with 5%. "Despite a backlog of R39bn in the South African transmission market and Eskom’s build programme of R165bn, uncertainty remains relating to the timing of the roll-out of these projects and the resultant impact on the power division," CIG said. In the fourth round of SA’s renewable energy programme, CIG’s power division won R2.3bn worth of contracts, and the company said it expected between R3bn and R4bn further work over the next three years. "While t...
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