Investment giant Remgro endured a tough six months to the end of December — but the group’s unlisted industrial portfolio showed its mettle in the interim period. An investment presentation on Friday showed Remgro’s industrial hub — which carries an intrinsic value of about R11bn — chipped in a solid R426m to headline earnings. The star performer was the 24.9% stake in oil company Total SA, which doubled its contribution to headline earnings to R102m despite only a slender increase in sales to R26.7bn. Remgro CEO Jannie Durand said the increase in revenue was mainly due to sales to other oil companies being hampered by the transport strike. But he said Total SA’s results were positively affected by lower stock revaluation losses of R156m (last year a loss of R802m) due to a decrease in the average basic fuel price during the interim period. Another surprisingly strong performer was Remgro’s 100%-owned building supplies specialist Wispeco, which saw revenue up 9% to R1.16bn and opera...
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