Metair survives currency volatility to post record results
The company’s overseas acquisitions, particularly in Turkey and despite the lira’s turbulent year, boosted its 2018 performance
Metair, the manufacturer, distributor and retailer of energy storage solutions and automotive components, has produced record full-year results, despite currency volatility in SA and Turkey. The company’s strong performance in the year to end-December 2018, in which revenue increased by 8% to R10.3bn, bolsters its strategy to seek growth outside SA. Metair CEO Theo Loock said the company is pleased with its performance, given the history of its struggles in overseas markets. He said that during the year the company saw strong contribution from its overseas units.
“The year saw a strong contribution from our overseas acquisitions in the energy storage vertical, particularly [wholly owned Turkish subsidiary and battery maker] Mutlu Akü in Turkey, which managed to outperform the Turkish lira weakness for the fifth year in a row; and Rombat in Romania, which operated at full capacity in the second half,” Loock said. According to Loock, during the year the lira was very volatile wi...