Consolidated Infrastructure Group reported interim revenue growth of 26% to R2.1 billion and aftertax profit growth of 28% to R209m for the six months to end-February.

The group’s largest division, power projects, which contributed about half its aftertax profit, enjoyed strong growth in several African countries, Tuesday’s interim results statement said.

The power projects division recently expanded into Ethiopia, where ageing electrical infrastructure has created a demand for its “flexible electrical solutions”.

The power division grew revenue 28% to R1.8bn and its international order book grew to $116m, representing a three-fold increase over the last three years.

Order book growth in SA, however, was flat during the six month period although growth in the demand from Eskom compensated for some of the weakness in municipal spending on substations. “Renewable energy has sustained its momentum, although undergoing some delay.”

The group said its Consolidated Power Maintenance business, which focuses on renewable energy, reported disappointing results due to delays in project rollouts and a slowdown in South African municipality spend.

Its Energy Solutions business “is making great strides to increase its presence and market share in the solar market, by providing innovative solar solutions for clients”.

Consolidated Infrastructure Group’s second biggest division is oil and gas which contributed about 30% of aftertax profit.

This division houses Angola Environmental Servicos (AES) which collects, recycles and disposes of waste generated in the oil production and drilling process at oil and gas rigs located off the coast of Angola.

In AES results were resilient considering the fall in oil prices. “While there is still risk associated with remittance of foreign currency in Angola, the situation improved during the period,” the results statement said.

–BDlive