Manufacturing group Universal Industries last week told of its plans to strengthen its African market presence following an increase in revenue for the year to December.
The maker of display freezers and ovens for the retail sector reported on Friday that revenue increased by 20 percent to R702 million from R587m in the previous year. Headline earnings a share also increased by 19 percent to R61m from R51m in 2009.
Universal Industries chief executive Daryl Paynter attributed the higher revenue mainly to increased exports to its markets elsewhere in Africa.
“We have a growing network of people who we deal through on a non-exclusive basis, representing us in countries like Nigeria, Botswana, Mozambique, Angola and the United Arab Emirates. We have seen Zimbabwe becoming active in the market.
“Also, countries like Zambia look promising in terms of the level of economic activity which comes from there”.
Universal Industries had committed a total of R9.5m to the acquisition of a new plant and equipment for the refrigeration businesses in Cape Town.
Paynter said that the company planned to focus on capital equipment going forward.
The company staged a R224m takeover of catering equipment distributor BCE Foodservice Equipment last November. The takeover has placed the company in the realm of buying and selling.
The company acquired a 51 percent interest in Glacier, effective from March last year. Glacier is a manufacturer of glass products, primarily glass doors and aligned products used in the refrigeration industry.
A manufacturing, technology sharing and distribution agreement was concluded with Anthony International, the world’s leading manufacturer and supplier of these products, that allowed for the local manufacture of Anthony International products using Glacier’s plant and expertise.
Paynter said the recent listing of Universal Industries had not only raised its profile, but also given it the company support from potential investors as shares were placed with vendors. The stock was unchanged at R1.40 on Friday. - Business Report
