Listed and mining consumables manufacturer, General Beltings Limited saw volumes across all divisions improve 37 percent during the first quarter of this year.
The group said the increase came on the back of improved demand for its products.
“Despite the negative impact of Covid-19 on the company’s key markets, overall volumes for the quarter at 221 metric tonnes were 37 percent above the 162 metric tonnes recorded in the same period prior year due to an improved order book,” said General Beltings.
The rubber division was the top performer, as its volumes spiked by
57 percent in the quarter when compared with prior year same period “due to improved factory efficiencies and adequate stocking levels at 31 December 2020 year end.”
The Chemicals division’s hospitality sector was negatively affected by the lock down period, but went on to record a volumes growth of 21 percent despite intensified price competition in the hygienic sector.
As a result of the positive volumes performance, GB’s revenue – in inflation adjusted terms – went up by 46 percent from the prior comparable period.
Management said the company operated profitably despite inflationary pressures during the quarter under review.
The company maintains a positive outlook for the balance of the year.
“An anticipated bumper harvest and the rebound of mineral commodity prices in the global markets is expected to spur growth in the agricultural and mining sectors respectively.
“The company will continue to consolidate its market position in the mining sector and pursue niche market for the chemicals division.
“The company has adequate resources to sustain the business as a going concern in the foreseeable future,” said management.
General Beltings manufactures and distributes general-purpose and specialized textile reinforced conveyor beltings with its products ranging from rubber-covered belting, polyvinyl chloride (PVC) belting and light-duty PVC belting.