S AFRICA: Acquisitions boost KWV earnings
KWV Ltd has posted rising full-year earnings and sales after a year of local and international acquisitions.
The South African wine producer enjoyed a 17.6% rise in gross profits for the year to 30 June. The increase came on the back of an 8.7% rise in revenues to ZAR1.2bn (US$162m).
The company attributed some of its success to the financial discipline of its operations, particularly production subsidiary KWV SA, which supported a leveraged increase of 42.4% in operating profits. Adjusted headline earnings jumped 33.4% to ZAR140.7m
During the course of the year, KWV increased its share in German subsidiary Eggers & Franke to 87.5%, bought a controlling interest in South African on-trade specialist NMK Global Premium Brands and settled a final payment of ZAR135 million with the SA Wine Industry Trust.
Last week it also announced a deal to acquire shares in UK wine agent Thierry's Wine Services.
Announcing its results yesterday (20 September), KWV Ltd said it was changing its strategy from only selling products of the vine and was diversifying into all sectors of the beverage market.
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