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JSE-listed industrial group Barloworld intends holding on to its operation in Russia as best as it can, having already written down that business by R1 billion due to the war in Ukraine.
In an interview with News24 following the release of results for the year ended in September, CEO Dominic Sewela said the company would not be considering changing its actions over the next two years, but said the board may choose to review its exposure to Russia in the event of protracted conflict that lasted more than two years.
Barloworld reported on Monday that revenue in its Eurasia business, which includes its Russian operations, had been steady year-on-year, even with Covid-19 restrictions in Mongolia. It also reported that its Russian business had performed well, but due to sanctions, was experiencing difficulties sourcing products. While the business complies with international sanctions, Barloworld said it continued to deliver orders for products available in inventory to customers not affected by sanctions.
