ANNUAL REPORT
No ‘new dawn’ benefit yet, but Imperial hails changes
SA’s political "new dawn" is yet to translate into improved trading conditions for listed industrial group Imperial Holdings, says chair Suresh Kana. Kana said a disappointing first-and second-quarter GDP performance, which resulted in SA slipping into recession, was evidence of heightened pressure on consumers. The low economic growth has a bearing on the industrial giant because of its exposure to the domestic market. As at June 30, 55% (R70bn) of Imperial Holdings’ revenue and 63% (R4bn) of operating profit was generated in SA. Commenting in the company’s latest annual report, Kana said the company was "cautiously optimistic" about the political "new dawn" but welcomed the new administration’s efforts to attract investment and resolve inconsistent policy positions. "We greet the new administration’s decisive actions to root out corruption in the public and the private sectors alike with some relief. Along with rational and consistent policy positions and implementation, a credibl...
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