Barloworld Group, a leading industrial conglomerate led by South African business executive Dominic Sewela, reported a solid financial performance in the first five months (ended Feb. 29, 2024) of its 2024 fiscal year. Revenue remained above the $800-million mark, despite a modest decline compared to the same period in the prior year.
The group’s revenue for the period under review was R15.6 billion ($827.67 million), reflecting a 5.5-percent decrease from R16.5 billion ($874.29 million) in the previous year. This decline is attributed to varying economic conditions across the group’s operating regions.
Equipment Southern Africa, the group’s domestic arm, generated revenue of R9.7 billion ($515.2 million), down 4.9 percent from R10.2 billion ($542 million) in the prior period. Equipment Eurasia reported revenue of $159 million, representing an 11.1 percent decrease year-over-year, due to a 30-percent drop in VT’s revenue (from $116 million to $81 million). However, this was partially offset by a 24-percent increase in Barloworld Mongolia’s revenue (from $63 million to $78 million).
Dominic Sewela: A committed leader with a minority Stake
Headquartered in Sandton, South Africa, Barloworld is a renowned industrial powerhouse established in 1902. The company specializes in industrial processing, distribution, and service provision, solidifying its position as one of the nation’s oldest and most respected firms.
Sewela, Barloworld’s CEO, holds a 0.23-percent minority stake in the company, amounting to 428,401 ordinary shares with a value of approximately $2 million. This stake underscores his dedication to the company’s success.
Barloworld CEO: Early 2024 results reflect diverse economic realities
Commenting on the results, Sewela acknowledged the challenging economic conditions, stating: “Our group’s results for the five months ended Feb. 29, 2024 are reflective of the diverse and complex economic environments in which our customers operate.”
He added: “Our Southern African customers have had to contend with the challenges of inadequate electricity supply, intensified logistical bottlenecks, high inflation, and pervasively high interest rates; whereas our Mongolian customers have continued to benefit from the government-led expansion of transport infrastructure and robust external demand for coal and other minerals from China.’’
Sewela’s ties with Barloworld date back to 2007 when he rejoined the company as the CEO of the Equipment Division South Africa. His dedication and contribution led to subsequent promotions, including COO of Barloworld Equipment Southern Africa and later the role of CEO.
