Elphinstone officially our first billionaire
TASMANIA has its first billionaire.
A rich list report in today’s Australian Financial Review says Burnie mining services magnate Dale Elphinstone has become the state’s first billionaire due to increased profits.
Mr Elphinstone is ranked 116th on the 2019 list of Australia’s richest people, with an $814 million fortune.
The report says William Adams Pty Ltd, which distributes and services earthmovers, trucks and engines, and is named after the Caterpillar dealership where he started as an apprentice diesel mechanic, is worth more than $1 billion alone.
Mr Elphinstone started work as a diesel mechanic in 1966 aged just 15. He bought the company outright in 1987.
William Adams recorded a net profit of $37.7 million in 2018-19, according to financial statements lodged with the corporate regulator last week.
That was up from a $20.8 million net profit in 2017-18, itself a quadrupling on the year before.
Revenue surged from $368 million to $491 million since 2016-17 on a recovery in commodity prices.
The William Adams result includes several businesses which trade under the moniker of Elphinstone Group, including Energy Power Systems, the authorised Caterpillar engine dealer for Australia.
CASHED UP: Dale Elphinstone