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South African construction company, Stefanutti Stocks, has revealed its plans to grow its activities outside the country due to inadequate growth opportunities in the local market
Stefanutti Stocks CEO Willie Meyburgh said, “There are not many large projects on the market. That is why we are looking at opportunities outside our country. We have no option.”
The company revealed that in the six months ending 31 August 2012, work outside South Africa accounted for 23 per cent of the group’s turnover and for 26 per cent of its operating profit.
Within the country, 31 per cent of the group’s turnover came from the public sector, with most of this coming from state-owned companies.
Meyburgh added that it was looking forward to national electricity utility Eskom’s roll-out of transmission and distribution lines, which should start in March next year.
“That’s quite a big market. We believe we’re well-positioned to benefit from this work,” he said.
The group has also set up an oil and gas division in June that has already won its first contract from Sasol.