Contribution to headline earnings 30 June
R million
30 June
R million
Air Products 322 333
TotalEnergies 366 (20)
Wispeco 264 80
PGSI 62 (126)
1 014 267


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.

Corporate information

Equity valuation at 30 June 2021 R9 046 million
Chief Executive Officer R Richardson
Remgro nominated directors H J Carse, N J Williams

Sustainability measures

CSI/Training spend R21.7 million
Number of employees 681
BBBEE status Level 4
Financial highlights Year ended
30 September 2020 
R million
Revenue 3 138 (2.4)
Operating profit 886 (6.4)
Headline earnings 634 (6.4)

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 2021 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 decreased by 3.3% to R322 million (2020: R333 million).

Turnover for Air Products’ 12 months ended 31 March 2021 decreased by 0.3% to R3 222 million (2020: R3 232 million), while the company’s operating profit for the same period decreased by 3.4% to R898 million (2020: R930 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.

The first two months of the period under review were severely impacted by Covid-19-related non-essential business shutdowns. Volumes in this period were substantially reduced from all but essential industries.

June 2020 onward saw a resumption to somewhere near normal trading conditions and a gradual improvement thereafter as demand for steel and other commodities increased and some improvement in manufacturing activity was seen. Whilst trading conditions have improved, growth opportunities are limited as a result of low levels of capital investment in the economy.


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% equity interest in National Petroleum Refiners of South Africa Proprietary Limited (Natref).

Corporate information

Equity valuation at 30 June 2021 R10 197 million
Chief Executive Officer M Kane-Garcia
Remgro nominated directors M Morobe, N J Williams

Sustainability measures

CSI/Training spend R60 million
Number of employees 714
BBBEE status Level 1
Environmental aspect Scope 1 and 2 emissions of 505 tonnes CO2e
Financial highlights Year ended
31 December 2020 
R million
Revenue 54 018 (27.0)
Operating loss (515) (124.0)
Headline loss (354) (122.4)

TotalEnergies Marketing South Africa Proprietary Limited (TotalEnergies)

TotalEnergies has a December year-end and its results for the 12 months to 30 June 2021 have been 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 R366 million (2020: R20 million loss).

The results were impacted by favourable stock revaluations of R1 039 million (2020: R1 277 million, unfavourable), as the international oil price increased from $40.1 per barrel, at 30 June 2020, to $73.0 per barrel at 30 June 2021.

TotalEnergies’ turnover for the 12 months ended 30 June 2021 decreased by 5.1% to R61 280 million (2020: R64 605 million). The decrease in turnover is mainly due to Covid-19 government lockdown regulations, impacting on sales volumes the impact being most affected during the second half of 2020.

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

Natref’s results deteriorated for the period under review, because of the severely depressed refining margins (4.1$/t), and the poor economics having a domino effect of reduced crude treatment.


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

Corporate information

Equity valuation at 30 June 2021 R1 188 million
Chief Executive Officer H Rolfes
Remgro nominated directors N R Boonzaier, S J de Villiers

Sustainability measures

CSI/Training spend R15.8 million
Number of employees 1 259
BBBEE status Level 5
Environmental aspect Scope 1 and 2 emissions of 41 997 tonnes CO2e
Financial highlights Year ended 30 June 2021 
R million 
Revenue 2 925 46.9
Operating profit 403 280.3
Headline earnings 264 230.0

Wispeco Holdings Proprietary Limited (Wispeco)

Wispeco’s turnover for the year ended 30 June 2021 increased by 46.9% to R2 925 million (2020: R1 991 million). The increase can be attributed to significantly higher sales volumes for the year. Headline earnings, excluding profit from the sale of the Parow property, increased with 229% to R264 million (2020: R80 million). Economies of scale, combined with improved manufacturing efficiencies, delivered cost benefits and added to profitability. In addition, an upward commodity price cycle also yielded gains.

The weakened rand and escalating international shipping costs prompted importers to redirect orders to local extruders. After commissioning its new casting facility and two new extrusion lines in early 2020, Wispeco was favourably placed to deal with the heightened demand. Further investment into a new extrusion line and a second vertical powder coating plant is planned for the 2022 financial year. Wispeco remains committed to short make-to-order lead times and maximising customer service.

The company’s range of Crealco architectural products sets 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.

The Starfront software package supports customised and cost-effective design of fenestration products whilst ensuring building regulation compliance. To meet the specific needs of smaller and informal aluminium fabricators, Wispeco is developing an application for handheld devices to allow accurate recording of on-site measurements as well as speedy design, estimation and quoting from a handheld device.

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.