Despite record load shedding and a drop in metal prices, Hulamin reported an astounding 112% increase in operating profit for the first half of the year as operational efficiencies took hold.
While a drop in metal prices saw revenue decline 7% to R7.4 billion for the six months ended in June, a change in operational focus significantly bolstered Hulamin's interim profits to R473 million – double that of the R233 million reported in the first half of 2022.
"We're in the process of exiting hot-rolled product, which was essentially packed and shipped … and it was not a profitable product," Hulamin's interim CEO Geoff Watson told News24.