Contribution to headline earnings 30 June
R million
30 June
R million
Air Products 476 422
TotalEnergies 54 1 076
Wispeco 313 281
PGSI 25 21
868 1 800


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 2023: R9 822 million
Chief Executive Officer: R Richardson
Remgro nominated directors: H J Carse, N J Williams


Sustainability measures

CSI/Training spend: R9.5 million
Number of employees: 730
BBBEE status: Level 4
30 September 2022
R million %
Revenue 4 253 15.1
Operating profit 1 266 17.8
Headline earnings 925 20.9

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 2023 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 12.8% to R476 million (2022: R422 million).

Turnover for Air Products’ 12 months ended 31 March 2023 increased by 14.4% to R4 563 million (2022: R3 990 million), while the company’s operating profit for the same period increased by 9.3% to R1 295 million (2022: R1 185 million).

Air Products is the largest manufacturer of industrial gases in Southern Africa and also imports and distributes a variety of speciality 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.

Overall trading conditions in the period under review were mixed. Erratic and generally lower levels of demand from several large tonnage customers combined with high levels of plant maintenance activity weighed on results in this area of the business. Packaged gases volumes continued to improve and the acquisition of Weldamax, a welding consumables and equipment supplier further enhanced performance in this sector despite significant input cost pressures.


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).

Corporate information

Equity valuation at 30 June 2023: R13 406 million
Chief Executive Officer: M Kane-Garcia
Remgro nominated directors: M Morobe, N J Williams


Sustainability measures

CSI/Training spend: R62 million
Number of employees: 698
BBBEE status: Level 1
Environmental aspect: Scope 1 emissions of 605 tonnes CO2e
31 December 2022
R million %
Revenue 94 423 30.8
Operating profit 3 132 (0.1)
Headline earnings 2 537 11.1

TotalEnergies Marketing South Africa Proprietary Limited (TotalEnergies)

TotalEnergies has a December year-end and its results for the 12 months to 30 June 2023 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 R54 million (2022: R1 076 million).

The results were negatively impacted by unfavourable stock revaluations of R1 408 million (2022: R3 581 million), mainly due to the normalisation from the sharp global oil price increases in the early part of 2022 due to the Russia-Ukraine War. As a result of the Russia-Ukraine War international oil prices increased to $122.71 per barrel as of 30 June 2022 but reduced to $81.3 per barrel in the second half of 2022.

TotalEnergies’ turnover for the 12 months ended 30 June 2023 increased by 15% to R100 704 million (2022: R87 383 million). The increase in turnover is mainly due to an 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 deteriorated for the period under review, mainly due to negative stock revaluations.


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 2023: R1 330 million
Chief Executive Officer: H Rolfes
Remgro nominated directors: N R Boonzaier, M Lubbe


Sustainability measures

CSI/Training spend: R25.8 million
Number of employees: 1 393
BBBEE status: Level 4
Environmental aspect: Scope 1 and 2 emissions of 51 671 tonnes CO2e
30 June 2023
R million %
Revenue 3 813 6.0
Operating profit 436 6.9
Headline earnings 313 11.4

Wispeco Holdings Proprietary Limited (Wispeco)

Wispeco’s turnover for the year ended 30 June 2023 increased by 6.0% to R3 813 million (2022: R3 598 million). This is mainly a result of higher sales prices, with aluminium extrusion volumes being marginally lower than the previous year. Volumes were negatively impacted by lower business confidence as well as reduced activity levels in the commercial and residential building sectors. In its pressure die casting business, a stable gross margin together with higher export volumes of brass castings yielded a higher contribution to Wispeco’s profits. Headline earnings for the year ended 30 June 2023 increased by 11.4% to R313 million (2022: R281 million).

Wispeco is firmly engaged on the path to become a world-class manufacturer of aluminium extrusions and has sufficient capacity to maintain the shortest possible make-to-order lead times. New export opportunities for pressure die casting products are being unlocked with further investment in pressure die casting and machining capacity.

The company’s range of Crealco architectural products remains the benchmark for quality 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. Wispeco’s distribution footprint expanded with the opening of a new wholesale aluminium trading business.

Wispeco’s class-leading design software options continue to be an important enabler for fabricators of aluminium windows and doors to record measurements, perform compliant design and enable speedy estimations.

Wispeco’s externally focused training initiatives target upskilling disabled and previously disadvantaged youths with the aim of finding them employment in the aluminium industry. Internal training programmes focus on 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.