General Beltings, which was demerged from TH Holdings last year, had a successful first half with exports accounting for more than half the company’s revenue.
Local sales soared from $279 million to $1.6 billion while exports rose from $420million to $1.9 billion. Operating profit increased from $152 million to $975 million with net profit at $702 million, up from $100 million.
The company says it experienced reduced volumes in exports because of restrictions on Zimbabwean exports by the Zambia Revenue Authority. This had since been resolved and the company was trying to gain its market share.
It says demand on the local market, particularly from the mining sector, remained firm.
The company also underwent a first audit to convert from ISO9002; 1984 certification to the 2000 version.
It says though it is difficult to forecast the future because of the continuously changing environment, it has substantial stocks of competitively sourced raw materials which can be converted profitably to hedge against inflation.