El­phin­stone of­fi­cially our first bil­lion­aire

Mercury (Hobart) - - NEWS -

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

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