Afrox outlines new African expansion plan
Following a presentation to its board of directors this week, gas provider African Oxygen (Afrox) is set to table its new five-year African expansion plan to parent company Linde, of Germany, in September, for approval.
Africa was emerging as a significant growth opportunity, which the company planned to leverage over the next few years, starting with the implementation of the plan in 2014, Afrox CEO Brett Kimber said in late August.
Despite being active in over 16 sub- Saharan Africa countries for between three to five decades, Afrox had not taken full advantage of its position and would now narrow its focus on fast-growing economies in Africa.
Africa had become part of the “next wave” of opportunities and was central to the group’s future growth, with the benefits of its strategy expected to emerge in about three years.
The African operations contributed nearly 20% to the group’s half-year gross profit after distribution at R155-million. Kimber told Engineering News that Afrox would seek to increase the contribution from the African countries in which it operated to 50% in the long term.
The operations outside South Africa generated revenue of R450-million during the first half to June, a 9% rise on the R413-million contributed during the prior corresponding period.
Further, the company had increased the number of experienced management staff focused on Africa from “three or four” to over 17.
Over the past six months, Afrox has invested in information technology, delivered increased focus on financial processes and improved its governance controls.
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