Bragan purchase a ‘game changer’

ROLFES Holdings yesterday heralded the purchase of Bragan Chemicals as a “game changer” as it recorded a 91 percent increase in headline earnings, from R41 million to R79m, for the year to the end of June. The purchase of Bragan, an importer and distributor of speciality products in the food and beverage, bakery, dairy, pharmaceutical and cosmetics industries, was effective on October 1 last year. The acquisition constitutes Rolfes’ new food division and had “provided a new platform for crossselling and organic growth”. Rolfes shrugged off low consumer confidence and the effect of the extended drought across the subcontinent to record a 20 percent increase in total revenue, from R1.1 billion to R1.4bn. Profit for the year came in at R80m, up from R47 million last year. Rolfes shares rose 4.11 percent yesterday to close at R3.80. – ANA

STEINHOFF