South Africa’s Imperial annual profit rises on acquisitions, sales

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JOHANNESBURG – South African transport group Imperial Holdings reported a 27 percent rise in annual earnings on Tuesday, buoyed by acquisitions, higher vehicle sales and a strong performance in its auto dealership business.

Imperial, which also has operations in Europe, reported basic headline earnings per share (HEPS) for the full year ending June 30 of 1,570 cents, up from 1,240 cents a year before.

Headline EPS, the most widely watched profit gauge in South Africa, strips out certain one-off items.

Full-year Imperial sales rose 11 percent to 128.7 billion rands ($8.8 billion).

Imperial, which trades in 33 countries, is spinning off its Motus auto dealership business, the latest move in a strategic shake-up that will a create a separately listed entity.

Motus reported operating profit of 3.5 billion rands, up 9 percent, while the logistics division saw a rise of 3 percent to 2.8 billion rands.

The Johannesburg-based company said it was concerned that U.S. tariffs on Chinese products could hurt the trading environment for its international operations, which include businesses in the eurozone, Britain and Australia.

Imperial’s international operations generate 46.9 billion rands or 36 percent of group revenue.

 

($1 = 14.6363 rand)

 

-(Reuters)