JSE-listed capital equipment supplier and services provider ELB Group reported a 35% increase in profits to R111-million for the financial year ended June 30, compared with R82-million in the prior year.
This was on the back of higher sales across all group segments – sales increased by 50% to R3.7-billion in the period under review, compared with R2.4-billion in the prior year – and continuing improvements in market penetration within the company’s equipment and Australasia segments.
Headline earnings a share increased by 40% to 341c apiece, compared with 243c in the prior year.
ELB declared a final cash dividend of 50c apiece.
The company experienced delays with the start of some of its major engineering projects, but has a resilient order book, despite the tough trading conditions present in the market at the moment.
Meanwhile, ELB has embarked on a strategy to further increase its know-how and technology-focused solutions by pursuing exponential technology-focused opportunities and partnerships.
These include the development and incorporation of new technologies into the company such as the Internet of Things (IoT), artificial intelligence and other disruptive technologies.
Good progress has been made in this regard, including ELB having entered into a technology partnership with software developer IoT.nxt, initially to implement technology solutions for mining clients and in the area of facilities management.
ELB has also signed an agreement with Kymeta for the supply of satellite antennas. The Kymeta flat-panel antenna technology overcomes limitations of data connectivity on remote sites and promises to revolutionise communication in various industries, including the control and monitoring of process plants, mines and other remote infrastructure throughout Africa.
In addition, the company has signed agreements with Novatec and Elwatini to set up joint ventures in the fields of electrical control panel supply and rail solutions, respectively.
These opportunities and partnerships will further allow ELB to provide a broader service offering to its existing and future clients.