The diversified infrastructure holding group saw revenue increase to two billion rand for the year ending 31 August 2013 from one billion rand for the same period in 2012.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) increased from 225 million rand for the year ended 31 August 2012 to 278 million rand in 2013.
“Revenue grew. The decline in EBITDA margin to 13.7 per cent from 14.5 per cent in the prior year is partly attributable to the lower margin South African renewable energy work. While the renewable energy work required specific intensive focus, it also resulted in an inability to fully exploit other operational efficiencies across other areas of the business,” said Consolidated Infrastructure Group’s (CIG) chief executive Raoul Gamsu.
“The power and electrification sector continues to be the core business for CIG with 85 per cent of CIGs revenue and earnings and 77 per cent of EBITDA directly attributed to this sector.”
Gross profit increased from 437 million rand in 2012 to 509 million rand in 2013 and profit before taxation increased to 217 million rand in 2013 from 188 million rand in 2012.
Fully diluted headline earnings per share increased to 125.9 cents for the period ending 31 August 2013 from 114.6 cents for the same period in 2012.
“The current order book of Conco, together with higher than expected levels of bidding and tenders awaiting adjudication, will contribute to the group’s sustainable growth path. Business development through Consolidated Power Projects International has made progress with significant non-South African clients in developing turnkey solutions,” said Gamsu.
“The group’s recent investment into operating and maintenance is showing positive signs. The group is actively pursuing acquisitions in South Africa and on the African continent, which are synergistic to the current business operations or transformative in nature across the infrastructure services sector.”