Contribution to headline earnings 30 June
R million
30 June
R million
Air Products 422 322
TotalEnergies 1 076 366
Wispeco 281 264
PGSI 21 62
1 800 1 014


Air Products produces oxygen, nitrogen, argon, hydrogen and carbon dioxide for sale in gaseous form by pipeline under long-term contracts to major industrial users. Air Products also distributes industrial gases, together with ancillary equipment, to the merchant market. The other 50% of the ordinary shares are held by Air Products and Chemicals Incorporated, a USA company.


Equity valuation at 30 June 2022 R9 380 million
Chief Executive Officer R Richardson
Remgro nominated directors H J Carse, N J Williams


CSI/Training spend R9.9 million
Number of employees 685
BBBEE status Level 4
31 December 2021
R million %
Revenue 3 695 17.8
Operating profit 1 075 21.3
Headline earnings 765 20.7

Air Products South Africa Proprietary Limited (Air Products)

Air Products has a September year-end, but its results for the 12 months ended 31 March 2022 have been included in Remgro’s results for the year under review. Air Products’ contribution to Remgro’s headline earnings for the period under review increased by 31.1% to R422 million (2021: R322 million).

Turnover for Air Products’ 12 months ended 31 March 2022 increased by 23.8% to R3 990 million (2021: R3 222 million), while the company’s operating profit for the same period increased by 32.0% to R1 185 million (2021: R898 million).

Air Products is the largest manufacturer of industrial gases in Southern Africa and also imports and distributes a variety of specialty gases that are supplied to a wide range of industries including steel, chemicals, oil refining, resource minerals, glass, pulp and paper, food packaging as well as general manufacturing, fabrication and welding.

Trading conditions improved substantially during the period under review, as the effect of Covid-19-related business shutdowns receded. The demand for most of Air Products gases and supplies has returned to pre-Covid-19 levels. Rising fuel and electricity prices pose cost containment challenges.


Subsidiary of TotalEnergies SE (France). TotalEnergies’ business is the refining and marketing of petroleum and petroleum products in South Africa, as well as distribution to neighbouring countries. The company holds a 36.36% equity interest in National Petroleum Refiners of South Africa Proprietary Limited (Natref).


Equity valuation at 30 June 2022 R13 150 million
Chief Executive Officer M Kane-Garcia
Remgro nominated directors M Morobe, N J Williams


CSI/Training spend R48 million
Number of employees 706
BBBEE status Level 1
Environmental aspect Scope 1 emissions of 603 tonnes CO2e
31 December 2021
R million %
Revenue 72 166 33.6
Operating profit 3 134 708.5
Headline earnings 2 283 744.9

TotalEnergies Marketing South Africa Proprietary Limited (TotalEnergies)

TotalEnergies has a December year-end and its results for the 12 months to 30 June 2022 were included in Remgro’s results for the year under review. TotalEnergies’ contribution to Remgro’s headline earnings for the year under review amounted to a profit of R1 076 million (2021: R366 million).

The results were positively impacted by favourable stock revaluations of R3 581 million (2021: R1 039 million), mainly due to the Russian invasion of Ukraine which led to international oil price to increase from $73.0 per barrel, as of 30 June 2021, to $122.71 per barrel as of 30 June 2022.

TotalEnergies’ turnover for the 12 months ended 30 June 2022 increased by 43% to R87 383 million (2021: R61 280 million). The increase in turnover is mainly due to increase in price and sales volumes.

The company has continued with its investments regarding health, safety and environment to comply with increased stringent legislation and developing company requirements. The key focus areas are environmental compliance, as well as health and safety compliance by staff, transporters and construction contractors.

Natref’s results improved for the period under review, mainly due to the favourable refining margins, coming from the increase in crude prices and pressure on demand of refined products.


Wispeco’s main business is the manufacturing and distribution of extruded aluminium profiles used mainly in the building, engineering and durable goods sectors.


Equity valuation at 30 June 2022 R1 402 million
Chief Executive Officer H Rolfes
Remgro nominated directors N R Boonzaier, S J de Villiers


CSI/Training spend R11.4 million
Number of employees 1 320
BBBEE status Level 4
Environmental aspect Scope 1 and 2 emissions of 41 802 tonnes CO2e
30 June 2022
R million %
Revenue 3 598 23.0
Operating profit 408 1.2
Headline earnings 281 6.4

Wispeco Holdings Proprietary Limited (Wispeco)

Wispeco’s turnover for the year ended 30 June 2022 increased by 23% to R3 598 million (2021: R2 925 million). The increase is mainly due to higher selling prices that were driven upwards by increasing raw material costs on the back of the strong commodity cycle for most of the year. Selling prices of aluminium extrusions were adjusted in line with these movements albeit always lagging with a few weeks, causing average gross margin to be lower than the prior year. Exports of brass sprinkler frames yielded commendable profits due to improved margin realised on the back of a weaker exchange rate as well as higher export volumes. Headline earnings for the year ended 30 June 2022 increased by 6.4% to R281 million (2021: R264 million).

Wispeco is installing its second vertical powder coating plant with the aim of resolving the bottleneck in servicing the local market for coated extrusions. Further investment into brass casting and machining capacity continues, aimed at meeting the growing export demand for pressure die cast products.

The company’s range of Crealco architectural products remains the benchmark for quality and reliability and carries the reputation of being the preferred choice in the building industry. The range is widely supported and distributed by a network of owned and independent distributors across Southern Africa. Additions to Wispeco’s distribution footprint remain an ongoing initiative with a new branch recently opening in Johannesburg South and a further one imminent in Thohoyandou.

The new Starlite Mobi App for handheld smart devices has taken the South African aluminium fabrication market by storm. This App allows fabricators of aluminium windows and doors to record measurements, perform compliant design and enable speedy estimation from a handheld device whilst at the building site.

After a prolonged hiatus during the Covid-19 pandemic, Wispeco revived its externally focused training initiatives to upskill disabled and previously disadvantaged youths with the aim of finding employment in the aluminium industry. Internal training programmes target productivity improvement and development of skills to support future growth.

PGSI Limited (PGSI)


PGSI holds an interest of 80% in PG Group Holdings. The PG Group is South Africa’s leading integrated flat glass business that manufactures, distributes and installs high-performance automotive and building glass products.