African Oxygen Limited (Afrox) has posted a marginal rise in revenue in its latest 2016 full-year financials after battling the challenging economic climate in South Africa.
Afrox, the country’s largest gases group and member of Tier One player The Linde Group, inched its overall revenue up by 1% to reach ZAR 5.53bn ($420m) despite the weakness in the South African economy and supply constraints seen in the region’s carbon dioxide (CO2) sector.
Its EBITDA margin skyrocketed by 400 basis points to reach 22.3% compared to 18.3% in the prior year and Afrox held a net cash amount of ZAR 153m ($11.7m) as of 31st December 2016, up from ZAR 148m ($11.3m) compared to the prior year. The company attributed the increase to its continued focus on inventory management and the optimisation of its fixed assets.
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