CONSUMER GOODS
Nu-World set for strong profit growth
The group reports a 16% jump in net profit to R85m
Nu-World Holdings, manufacturer and distributor of a wide range of consumer goods, looks on track for solid profit growth in the year to end-August. The group that specialises in consumer electronics, hi-tech equipment, small electrical appliances, white goods, liquor and furniture reported a 16% jump in net profit to R85m with earnings of 399c per share for the half-year to end-February. Des Mayers, senior analyst at Afrifocus Securities, said the interim showing was "pretty decent". Nu-World was on track to post 800c per share in earnings for the full financial year. The group’s core South African operations increased revenue 16% with profits 28% higher, Mayers said. "This shows a nice widening of the margin." In commentary accompanying the results, Nu-World CEO Jeffrey Goldberg said that the addition of more models in the consumer electronics division and of categories and brands in the interim period contributed to increased sales. The group also increased stock holding to assis...
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