Freeworld Coatings
Releases Year End Results
According to Freeworld Coatings’ annual report with year ending September 2008, the company’s revenue was up 15% to approximately $266 million, while operating profit was up ten percent to approximately $40 million.
“We expect the year ahead will even be more challenging, but we remain optimistic that we will perform competitively,” said Freeworld CEO, Andre Lamprecht. “A key focus will be on fixed domestic investment where infrastructure will remain a significant driver in South Africa beyond 2010.”
The decorative coatings segment increased sales by 15% to approximately $200 million and EBITDA by over 11% to approximately $32 million in the year despite challenging economic conditions, in particular in South Africa’s home market where rising inflation and interest rates weighed on the individual consumer segment. However, a strong performance in the trade and industrial sector helped offset this pressure in the individual consumer segment,