JSE-listed Consolidated Infrastructure Group (CIG) reported on Wednesday that more than half of its profits were now arising from outside of South Africa, following its recent acquisition of a stake in an Angolan oil services company.

The company reported a 36% rise in revenue to R1.3-billion for the interim period to February 28, 2014, which translated in a commensurate rise in earnings before interest, tax, depreciation and amortisation to R169-million for the period. Headline earnings a share, meanwhile, were up 51% to 88.5c.

CEO Raoul Gamsu said the growth was supported by the first-time inclusion of results from Angolan Environmental Services (AES), which collects, recycles and disposes of waste generated from oil drilling. CIG holds a 30.5% position in AES.

“CIG now has over 50% of profits emanating from outside South Africa, which is aligned to our growth strategy,” Gamsu said, adding that significant business development initiatives were under way in Nigeria, Angola, Mozambique and Oman that should come to a head in the coming 12 months.

The AES business, meanwhile, was focusing on organic-growth prospects aligned to increased oil drilling in Angola and tightening environmental requirements. The business was building a second site at Soyo, in the north of Angola, which would free up about 30% of capacity in Luanda.

In South Africa, CIG’s electrical engineering unit, Conco, continued to execute work in the renewable-energy sector, where it still had outstanding orders of R400-million. The division had also been awarded substantial electrical infrastructure contracts from South African municipalities, as well as in the rest of sub-Saharan Africa.

“The African market demand for electrification remains robust and significant tenders were submitted to African utilities.”

Conco, the turnkey developer of high voltage infrastructure contributed 63% to CIG’s profit after tax and grew its order book by 36% to R2.85-billion by the end of the period.

Gamsu said the company was strategically positioned in the power and electrification and oil and gas markets, which were both poised for strong growth.