ARB posts good results

2008-02-13 00:00

ARB Holdings, the Durban-based independent electrical wholesaler and supplier of power cables and overhead line transmitters, yesterday posted impressive maiden interim results for the six months to December 2007, outperforming pre-listing forecasts.

The company, which recently listed on the JSE, boasted a growth in profit attributable to shareholders of R45,1 million, on the back of ongoing electrification projects.

Reacting to the results, CEO Craig Robertson told The Witness that they were “very proud to be slightly ahead of the forecasts”.

Revenue for the interim period rose by 17,3% to R596,4 million compared to R508,6 million in the comparative period in 2006. Headline earnings per share were 21,7 cents.

“It is a long road to list a company. It has been a very challenging time for us.”

Robertson was bullish about the prospects of the company.

ARB’s clients include major construction companies, parastatals and electrical contractors working on government’s overhead electrification programme.

Robertson believes that Eskom’s power-generation woes are not going to affect the company’s prospects as it is a political imperative that South Africans receive essential services such as electricity and water.

He is confident that the distribution cog of the electrification sector in South Africa is running well and has a healthy future.

He said that they have not seen a drop-off in major electrification projects.

Robertson added that they plan to roll out an expansion plan across South Africa, as well as parts of Africa.

About R179 million worth of new capital was raised via the listing and ARB plans to use more than R54 million “cash-on-hand” to fund the expansion plans.

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