KAP to reduce gearing as big projects come on stream
After a high-spending period, the group is entering an era of stabilisation, debt reduction and margin recovery
17 September 2024 - 05:00
Industrial, chemical and logistics group KAP says it is focused on completing the reorganisation of Unitrans, getting its commissioned projects up and earning cash so it can begin to pay down its debt accumulated on those builds.
CEO Gary Chaplin said KAP’s capital projects, stretching back as far as 2021, were funded through debt. The group accumulated more debt than it would like and as a result KAP was preparing to hunker down for a debt-paying period, targeting a R1bn reduction in net debt from the second half of the 2025 financial year...
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