Capespan turns in scintillating results

A glass of sparkling wine will be in order, thank you, as the Cape Town-headquartered Capespan Group, a major player in the international fruit sector, celebrates the most scintillating performance in the ten years of its existence. Operating profit increased 70.2%, from R98.7 million to R168.0 million, group managing director Neil Oosthuizen told FTW. “The results can be ascribed to a significant rise in the operating profits of the fruit and logistics divisions. “In the fruit division, the improvement was primarily as a result of South African exports and the first-time inclusion of the operating income generated from farm management activities. “The logistics division posted excellent profits in all its subsidiaries, with the port terminals significantly increasing steri-volumes and containers handled.” Mainly driven by the fruit division, the group’s revenue for 2008 grew 13.1%, from R2.14 billion to R2.42 billion, due primarily to higher market prices achieved and the effects of the rand’s devaluation versus major trading currencies. Although the logistics division showed growth in port terminals, these gains were offset by the drop in shipping revenue, the latter arising from a change in vessel deployment as they mainly were traded in the charter market rather than the fruit trade.