Aveng books first annual profit in seven years
Infrastructure and mining group sitting on cash of R1.1bn as transformation of one-time SA construction giant gathers momentum
Besides boasting a net cash pile of R1.1bn, Aveng has booked its first full-year profit in seven years, underscoring the progress of a turnaround that has seen the infrastructure and mining group move away from SA’s tough construction market.
The strategy the group embarked on in 2017 is not quite over, CEO Sean Flanagan told Business Day, but the group is now more focused on the future. It is still selling its remaining noncore businesses...