2023/24 FINANCIAL YEAR BEST EVER - RES CORP MD

MHLUME – RES Corp Managing Director Nick Jackson has described the last financial year ended March 2024, as their best year ever.

He said during this period the company recorded over E600 million in profits after tax. “It was indeed a good financial year,” he said. The MD said, however, what helped them last year may not help this year. He explained that things like the higher global sugar prices and high foreign exchange rates contributed to the company’s improved profits.

RESCorp benefited from a buoyant world sugar price, the Lilangeni being weaker against both the US$ and the Euro, and also from the delinking of SACU price increases from RSA general CPI. A correсtive SACU price increase of 14 per cent was, therefore, effected mid-way through the financial year. He stated that climate change has been a very big challenge for the company. He said they are looking at ways to address this challenge to progress as a company despite this challenge.

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