Metair says its offshore bets paid off in 2018
Strong showing from businesses in Turkey and Romania helps full-year net profit rise 19%
Metair Investments said net profit in the year ended December 2018 rose 19% to R699m despite the “particularly turbulent, challenging and transformative year” for SA companies in general. “The year saw a strong contribution from our overseas acquisitions in the energy storage vertical, particularly Mutlu Aku in Turkey, which managed to outperform the Turkish lira currency weakness for a fifth year in a row, and Rombat in Romania, which operated at full capacity in the second half,” Metair said. The group said its automotive components business in SA “supported the result with good volume throughput”. Group revenue increased 8% to R10.3bn while margins grew 90 basis points to 9.8%. Metair said while most SA companies had reported poor performances from their overseas operations, the in-country performance of Mutlu Aku “continued to be resilient”. That business contributed a 27% increase in turnover and 55% increase in profitability. Metair, headed by Theo Loock, said its plans to tar...
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