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Automotive components and batteries group Metair says while it felt a few bumps during its ramp-up for the new Ford Ranger model in its six months to end-June, it's still optimistic about its second half, as well as generally in SA's future as an automotive manufacturer.
Metair reported on Thursday group revenue rose 31% to R7.6 billion in its six months to end-June, while operating profit more than doubled to R324 million, helped by a recovery in Toyota's manufacturing after flooding in KwaZulu-Natal and a hefty new contract with Ford. However, finance costs more than doubled to R280 million and net debt picked up almost a quarter to R3.2 billion as the company expanded its capacity, and headline earnings fell 8% to R80 million.
Valued at about R3.25 billion on the JSE, Metair generates about 36% of its revenue through energy storage - or batteries - and 64% through automotive components, with its business including Rombat in Romania, battery maker Mutlu Akü in Turkey, and First National Battery in SA. Other subsidiaries are Hesto Harnesses, which makes wiring harnesses, instruments and moulded parts; Lumotech, which makes components such as headlights; and Supreme, which makes items such as springs. Its interests also span shock absorbers, brake pads and air conditioning, among others.
