BSi Steel's half-year results showed a 12% growth in revenue to R1.067-billion, gross profit growth of 45% to R199-million, earnings before interest, tax, depreciation and amortisation growth of 64% to R81.4-million and headline earnings growth of 116% to R46.9-million. The company paid a dividend of 2c a share.
"BSi Steel is now a holistic steel supplier to the market. Our mini-merchants, or retail merchants, will handle about 500t to 1 000t [of steel a month] and [expand] our exposure to the South African market," BSi Steel CEO Grant Mackenzie told Engineering News, adding that the company is now looking to improve the quality of its services and processes, focusing on the applications of steel products by customers.
"We are an Africa-focused company... [and] we are growing our product offering while expanding our geographic footprint," Mackenzie said. BSi Steel will roll out its retail-merchants' network in South Africa at a rate of three to four each year, under the BSi Express brand. The Brits branch, in the North West, will be opened early next year with branches in Gauteng's East Rand and West Rand to follow. "We also opened a branch in Ghana and we see big opportunities in Tanzania, Ethiopia and Kenya - which is key to the East African market and landlocked countries," Mackenzie said.
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