Revenue for the year increased to R9.517 billion (2016: R8.954 billion), gross profit rose to R1.756 billion (2016: R1.601 billion), operating profit climbed to R847.5 million (2016: R731.4 million), profit for the period attributable to equity holders of the company was higher at R556.2 million (2016: R447.9 million), while headline earnings per share grew to 281 cents per share (2016: 229 cents per share).
Notice was given that a gross cash dividend of 80 cents per share has been declared by the board in respect of the year ended 31 December 2017.
Our positive outlook on Metair’s performance in the year ahead is dependent upon, inter alia, the successful execution of our strategy, original equipment (OE) volumes, geopolitical conditions, a peaceful labour environment, efficiency improvements, internal inflation recoveries and the exchange rate. Subject to such factors, we expect 2018 to be a growth year for the group.
Annual general meeting
The annual report will be mailed to shareholders along with the notice of annual general meeting. The annual general meeting will be held on 2 May 2018 at 14h00 at AstroTech Conference Centre, Cnr of Anerley Road & Third Avenue, Parktown, Johannesburg.
The group’s sustainability reporting included in the annual report for 2017 and the results presentation will be available on the company’s website (www.metair.co.za).
The 2017 results presentation will be available on the company’s website (www.metair.co.za) and an investor and analyst audio webcast of the presentation will be broadcast on Thursday, 15 March 2018 at 14h00. The audio webcast can be accessed through www.corpcam.com/Metair15032018. Alternatively a telephone conference call facility will be available at 14h00 on Thursday, 15 March 2018 in SA on 011 535 3600/010 201 6800 or internationally on +27 11 535 3600/+27 10 201 6800.
Change of directors
Mr JG Best has been appointed as lead independent director on 30 November 2017 and will act in this capacity for a period of twelve months from the date of appointment. Mr B Mawasha has been appointed as an independent non-executive director of the board and member of the company’s audit and risk committee with effect from 1 March 2018. Mr L Soanes resigned as member of the audit and risk committee with effect from 1 March 2018.