Fuelling Kaap Agri’s top-line growth
Agricultural services group has been aggressively acquiring new fuel sites, helping to lift revenue 45%
Agricultural services group Kaap Agri is accelerating growth in its fuel-retail division, which already accounts for more than a quarter of total revenue.Kaap Agri’s results for the six months to end-March released on Friday showed the recently formed The Fuel Company (TFC) having the biggest effect on top-line growth.TFC, which has been aggressively acquiring new fuel sites, pushed revenue up 45% to R1.2bn. The subsidiary’s operating profit before tax was up by a quarter to R54m.While fuel volumes were up only 9.5%, CEO Sean Walsh noted growth in fuel-site convenience and quick-service restaurant retail operations had exceeded fuel-sales growth.
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