Rolfes' maiden results paint rosy picture ahead of World
Cup
By Sibongile Khumalo
Johannesburg - Rolfes had exceeded forecast headline earnings in its maiden
results, the company said last week.
The assets of the manufacturing and technology company, which listed on
AltX in May, swelled to R141 million, a R46.2 million rise from last year.
Erhard van der Merwe, the chief executive of the company,
expressed satisfaction, saying the increase was fuelled by strategies
implemented in the past two years and the acquisition of silica and resins
operations in 2005.
"Rolfes has an aggressive acquisition strategy. We are constantly
screening and evaluating various acquisition targets. We focus on operations
with intellectual capital, high barriers to entry and are complementary
to the existing divisions," said Van der Merwe.
Operating profit increased by 42 percent to R30.6 million, while headline
earnings went up by R19.1 million.
The addition of Dulux as a customer of the firm's chemicals division also
made a huge contribution.
The company has three subsidiaries: Rolfes Colour Pigments, Rolfes Chemicals
and Rolfes Silica.
Turnover from Rolfes Colour Pigments was up by 18 percent.
The rise was attributed to increased sales on most product lines and particularly
to growth in Europe.
The company has an office in France and it exports to the UK among other
countries.
Rolfes is currently benefiting from the boom associated with the 2010
World Cup.
"We are of the opinion that with the increasing reliance of western
economies on products from the East, we will continue to provide an affordable
and quality alternative which will improve our competitive position in
the local and international markets in the years to come," said Van
der Merwe.
Rolfes raised R23.6 million when it listed on AltX earlier this year.
The firm entered into an empowerment deal with a consortium, Vuwa, led
by Bulelani Ngcuka. Vuwa has a 25.1 percent shareholding at Rolfes.
Rolfes speciality chemicals distribution division includes an assets holdings
division specialising in leasing of plant and equipment used by some firms.
Rolfes Silica exports to Botswana and Mauritius.
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September 25, 2007
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