Resilient results for Remgro despite tough economy
Remgro's execs on the lookout for viable new investment opportunities, despite deteriorating economic conditions.
Investment holding company Remgro announced its annual results for the year ended 30 June and, despite the current economic climate, they show commendable performance and improvement.
Remgro’s banking and insurance investments, including their investments in RCL Foods and Total, delivered a remarkable performance and Mediclinic showed improvement despite the various ongoing challenges faced by the company. The infrastructure investments also showed improvement and good growth in its key investments on a headline earning level.
The tough market environment faced by the consumer products and industrial investments sectors were reflected on their results, given the challenging South African macro-economic conditions. These were the highlights:
- Headline earnings increased by 4.3 percent from R8,221 million to R8,573 million
- Headline earnings per share (HEPS) increased by 1.8 percent from 1,485.5 cents to 1,512.6 cents.
- Intrinsic net asset value per share increased by 2.2 percent from R251.48 to R256.97.
- Cash at the centre increased by R1,481 million to R13,704 million (mainly due to a 5.6 percent increase in dividends received from R4,276 million to R4,516 milllion).
Remgro CEO, Jannie Durand, said:
“We remain very cognisant of the deteriorating South African economic conditions and will continue to support the group’s existing investments as well as look at viable new investment opportunities.”