Barloworld (BAW) 1H24 Results Snapshot

Diluted HEPS 526.0cps (-25.6% y-y).
Turnover decreased by 7.7% y-y to R19 176m, driven by a 24.0% y-y decrease in revenue in Vostochnaya Technica, a 10.0% y-y decrease in Equipment southern Africa and a 3.3% y-y decrease in Ingrain. This decline was, however, offset by a 43.0% y-y revenue increase in Barloworld Mongolia.
Expenses decreased by 7.2% y-y while expense-to-sales increased from 89.9% to 90.3%.
OPM decreased by 40bps to 9.7%.
Dividend of 210.0cps.
Cash generated from operating activities improved from -R3 855m to -R1 579m.
Ingrain’s lower performance was attributable to the combination of lower export sales volumes, lower demand by domestic consumers and inflationary pressures on operating costs.