Insimbi's profit slump amid hits from scrap-metal export ban, load shedding

Small-cap metal group Insimbi Industrial said on Friday its profits slumped in its year-to-end February as it counted the costs of a government scrap metal ban it feels may have done little to help with the domestic wave of cable theft.

Group revenue fell 2% to about R5.6 billion in the year to end February, while profit slumped 60% to about R42.9 million. Group volumes fell just over a quarter, with Insimbi saying that it also took a hit from poorer scrap-metal supply from customers affected by loadshedding. Valued at about R309 million on the JSE, Insimbi's business includes supplying the steel and stainless steel industries with raw materials as well as heat resistant materials, including textiles, that service the steel, platinum, paper and pulp, and cement industry's refractory requirements.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.

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