Metair FY24 HEPS down 9%

Automotive components manufacturer and battery maker, Metair, faced a 9 per cent decrease in full-year headline earnings per share from continuing operations for the financial year 2024. The decline was primarily attributed to lower profitability in the overall automotive business. Despite the challenges, CEO Paul O'Flaherty remains confident in the company's strategy and has extended his tenure until 2028. In an exclusive interview with CNBC Africa, O'Flaherty delved into the significant changes and achievements Metair has undergone in the past year, shedding light on key aspects of the company's operations and future outlook. O'Flaherty discussed the transformation of Metair from struggling with its Turkish operations and debt restructuring to diversifying through the acquisition of Autozone. He also highlighted the strategic focus on operational efficiency, flexibility in adapting to volume demand changes, and the company's outlook for the near future. The CEO emphasized the importance of executing the company's strategy effectively to drive sustainable growth and improve return on invested capital. O'Flaherty also shared insights on the challenges faced in managing Mutlu in a hyperinflationary environment and the progress of Autosone towards profitability after being taken out of business rescue. Looking ahead, Metair plans to leverage partnerships and alliances for expansion in Sub-Saharan Africa and enhance capital allocation to ensure sustainable returns on investment. Despite not anticipating a significant increase in volumes over the next two years, the company aims to improve performance through strategic initiatives, managing overheads, and driving manufacturing efficiency. The interview concluded on a positive note, with Metair's share price showing a 6.6% increase, reflecting investor confidence in the company's turnaround efforts and future prospects.