Bidvest posts profit jump on pandemic recovery

Diversified services and trading company Bidvest has reported a 37% jump in headline earnings per share, while revenue has advanced by 13% to 50 billion rand. In a recent interview with CNBC Africa, Bidvest CEO Mpumi Madisa shared insights into the company's strong performance and discussed strategies for sustaining growth amid challenging market conditions. Madisa attributed Bidvest's success to a combination of factors, including the recovery of previously impacted businesses, market share gains, and strategic acquisitions. The company's freight division, currently in the midst of the maize export season, has also contributed significantly to its positive financial results. Additionally, strong performance in new vehicle sales and expansion into new markets have bolstered Bidvest's financial position. Looking ahead, Madisa expressed confidence in Bidvest's ability to maintain its momentum in the second half of the year, highlighting promising opportunities in sectors such as mining, agriculture, renewable energy, and infrastructure development. The CEO emphasized the company's focus on international expansion and the pursuit of targeted acquisitions to drive growth. Bidvest's successful $800 million international bond issuance has provided the company with additional financial flexibility, enabling it to repay debt and pursue strategic investment opportunities. Madisa revealed that Bidvest is actively exploring potential acquisitions in the UK, Europe, and other global markets, with a strong pipeline of opportunities in the works. In response to government initiatives to privatize or improve port efficiencies, Bidvest is engaged in discussions with TransNet to explore opportunities for collaboration and investment in port infrastructure. Madisa underscored Bidvest's commitment to enhancing operational efficiency and driving innovation in the logistics sector through public-private partnerships. With a focus on sustainable growth and value creation, Bidvest is poised for continued success in the evolving economic landscape.