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| Contribution to headline earnings | 30 June 2025 R million |
30 June 2024 R million |
|---|---|---|
| Air Products | 643 | 566 |
| TotalEnergies | 194 | 553 |
| Wispeco | 284 | 289 |
| Other | (15) | 17 |
| 1 106 | 1 425 | |
Air Products South Africa Proprietary Limited
(Air Products)
Effective interest: 50.0%
Profile: Air Products produces oxygen, nitrogen, argon, hydrogen and carbon dioxide for sale in gaseous state 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
Sustainability measures
| Financial highlights | Year ended 30 September | ||
|---|---|---|---|
| 2024 R million |
2023 R million |
% change |
|
| Revenue | 5 614 | 4 969 | 13.0 |
| Operating profit | 1 708 | 1 386 | 23.2 |
| Headline earnings | 1 246 | 1 012 | 23.1 |
Air Products has a September year-end, but its results for the 12 months ended 31 March 2025 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 13.6% to R643 million (2024: R566 million).
Turnover for Air Products’ 12 months ended 31 March 2025 increased by 7.9% to R5 783 million (2024: R5 360 million), while the company’s operating profit for the same period increased by 14.3% to R1 766 million (2024: R1 545 million).
Financial performance for the period ended 31 March 2025 was affected by a temporary shutdown at one of Air Products’ largest customers. The issue has since been resolved, with repairs completed and normal operations resumed.
Air Products manufactures and distributes a variety of industrial and 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 Onsite Plant and Pipeline supply business experienced sustained demand from large customers and stable, reliable plant operations, which collectively supported cost containment efforts. Bulk liquid supply volumes experienced modest growth, especially within the food, beverage, and mining sectors. Overall profitability was further enhanced by the slower rise in distribution costs.
The Packaged Gases business experienced reasonable volume growth across all segments with improved margins. Enhanced cost efficiency also played a significant role in the improvement of overall profitability.
TotalEnergies Marketing South Africa Proprietary Limited
(TotalEnergies)
Effective interest: 24.9%
Profile: 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 held a 36.36% equity interest in National Petroleum Refiners of South Africa Proprietary Limited (Natref), which was sold in December 2024.
Corporate information
Sustainability measures
| Financial highlights | Year ended 31 December |
||
|---|---|---|---|
| 2024 R million |
2023 R million |
% change |
|
| Revenue | 97 849 | 109 701 | (10.8) |
| Operating profit | 870 | 52 | 1 573.1 |
| Headline earnings | 916 | 2 046 | (55.2) |
TotalEnergies has a December year-end, and its results for the 12 months ending 30 June 2025 were incorporated into Remgro’s Annual Financial Statements. TotalEnergies’ contribution to Remgro’s headline earnings for the year under review amounted to R194 million (2024: R553 million).
For the 12 months ended 30 June 2025, TotalEnergies’ turnover declined by 18.1% to R88 616 million (2024: R108 227 million) due to lower volumes and a decrease in the average fuel price. The company recorded negative stock revaluations of R2 256 million (2024: negative stock revaluation of R58 million), driven by volatility in Brent Crude oil prices. Excluding these revaluations, headline earnings would have increased by 7.2%, from R2 263 million to R2 426 million. This increase is primarily due to the scaling down of loss-making refining operations towards the second half of 2024 and partially offset by supply chain disruptions. These disruptions stemmed from a fire at the PRAX refinery that forced the company to import jet fuel at above-market costs, further impacting profitability.
In late 2024, TotalEnergies finalised the sale of its 36.36% minority stake in Natref, as part of its ongoing portfolio optimisation.
The company remains committed to health, safety, and environmental initiatives, ensuring compliance with evolving regulations and internal standards. Key focus areas include maintaining full environmental compliance and upholding world-class safety protocols for employees, transporters, and contractors. These measures reinforce TotalEnergies’ dedication to sustainable and responsible operations.
Wispeco Holdings Proprietary Limited
(Wispeco)
Effective interest: 100.0%
Profile: Wispeco’s main business is the manufacturing and distribution of extruded aluminium profiles used predominantly in the building, engineering and durable goods sectors.
Corporate information
Sustainability measures
| Financial highlights | Year ended 30 June |
||
|---|---|---|---|
| 2025 R million |
2024 R million |
% change |
|
| Revenue | 3 909 | 3 759 | 4.0 |
| Operating profit | 369 | 382 | (3.4) |
| Headline earnings | 284 | 289 | (1.7) |
Wispeco reported a 4.0% increase in turnover for the year ended 30 June 2025, reaching R3 909 million (2024: R3 759 million). Sales volumes were marginally higher year-on-year, with the increase in revenue largely attributable to higher selling prices. This occurred on the back of the upward trend in the commodity price cycle, which caused raw material costs to be driven higher during the financial year.
Headline earnings for the year ended 30 June 2025 decreased by 1.7% to R284 million, compared to R289 million for the comparative year. This reduction reflects the downward pressure on trading margins, driven by competitive market conditions. Profitability was further impacted by inflationary cost increases on other significant input costs.
Wispeco is a leading supplier of aluminium extrusions in Southern Africa with a strong focus on speed of delivery, short lead times and class-leading customer service levels. This is backed by substantial manufacturing capacity as well as a flexible workforce and shift system. The group also manufactures brass fire-sprinkler frames, all of which are exported to international markets.
Wispeco is at the forefront of the development of architectural aluminium products and supports these with proprietary design software that it makes available to its clients. The Crealco range of architectural products is supported by technical expertise and distributed through a wide network of owned and independent stockist outlets across Southern Africa.
Wispeco’s externally focused training initiatives target upskilling of disabled and previously disadvantaged youths, with the aim of their absorption in the aluminium industry. Internal training programmes focus on productivity improvement and skills development to support future growth.
PGSI Limited
(PGSI)
Effective interest: 37.7%
Profile: 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.
Website: www.pggroup.co.za
