A battered Remgro questions strength of SA’s rebound
Investment holding company licks wounds post lockdown as annual headline earnings fall 61%
Johann Rupert-controlled investment heavyweight Remgro, whose earnings were battered by government-imposed measures to contain the Covid-19 pandemic, says it is not yet clear if the recovery under way is sustainable.
“It has been bad. Overall, the consumer got hurt, and we are not sure how quickly things will recover,” says Remgro CEO Jannie Durand, who was describing the effect of the lockdown on businesses in the investment holding company’s portfolio in its latest earnings report.