CIG delivers double-digit FY growth
JSE-listed Consolidated Infrastructure Group (CIG) achieved double-digit increases across the board as it posted its financial results for the year ended August 31.
Headline earnings a share rose 18% to 220.7c for the year under review, while earnings a share increased from 188.8c in 2014 to 222.5c in 2015. Net profit of R331-million was 28% higher than the R258-million achieved the year before.
Earnings before interest, taxation, depreciation and amortisation (Ebitda) increased 31% to R414-million, with Ebitda margins within the targeted range of 11.5%.
CIG generated R3.6-billion in revenue, a 37% surge on the R2.6-billion recorded in 2014.
“Solid growth was achieved across all of CIG’s divisions, both within South Africa and throughout sub-Saharan Africa,” the company said.
The electrical services, infrastructure and materials provider’s continued geographic and operational diversification remained on track.
The power and electricity division, which contributed 45% of CIG’s after-tax profit, posted profit of R147-million in the year under review, a rise on the R118-million achieved in the prior year.
The division reported a 34% hike in Ebitda to R301-million, along with revenue growth of 32% to R2.9-billion. The order book was up 36% to R4.1-billion.
The building materials unit achieved an increase in after-tax profit from R35-million in 2014 to R39-million in 2015, with Ebitda up 13% to R86-million and revenue 25% higher at R500-million.
The rail division posted an after-tax profit of R11.3-million, Ebitda of R20-million and revenue of R153-million. The division had an order book of R240-million.
CIG ended the year under review with a net cash balance of R482-million, compared with the R948-million reported in 2014.
The company did not declare a dividend for the year under review.
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