ENX’s losing bet on the rand smashed its profit
But despite not foreseeing the rand’s ‘Ramaphosa rally’, the group’s net profit rose 19% to R126m
Betting the wrong way on the rand ahead of the ANC elective conference in December knocked R27m off ENX’s profit.But despite not foreseeing the rand’s "Ramaphosa rally", the group’s net profit rose 19% to R126m. Its interim revenue grew 51% to R3.6bn, the results released on Monday morning showed.A 15% increase in the number of shares in issue limited its growth in headline earnings per share (HEPS ) to 5%, taking it to 77.4c from 74c in the matching period."In line with the group policy to reinvest for growth, no cash dividend has been declared for the period," ENX said.The industrial holding company’s divisions include the fleet management and logistics business of former JSE-listing Eqstra, woodworking equipment business Austro, and ExxonMobil chemicals agencies Centlube and West African International.The company said its strategic focus during the past six months had been on deepening its original equipment manufacturer relationships, along with expanding its UK footprint, stren...
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