General Beltings Holdings Limited recorded a 33% increase in revenue to US$11.3 million for the year ended 31 December 2023, up from US$8.5 million in the previous year, as improved operational efficiencies and cost discipline boosted overall performance.
The industrial group also posted a 55% rise in profit for the year to US$1.6 million from US$1.03 million in 2022, signalling stronger margins despite operating in a challenging economic environment.
Operating profit grew to US$1.72 million compared to US$1.13 million previously, while basic earnings per share improved to US$0.077 from US$0.050, reflecting enhanced shareholder returns.
Chairman of the group described the performance as evidence of business resilience amid macroeconomic pressures.
“The Group posted a commendable set of results for the year ended 31 December 2023, a testament to the resilience of our business model,” he said.
Management attributed the growth to strict cost containment measures, improved operational efficiencies and strategic market positioning during the period under review.
The company adopted the United States dollar as its functional currency during the year, a move management said strengthened financial stability and improved transactional consistency in an environment marked by exchange rate volatility.
To counter persistent electricity shortages, General Beltings invested in alternative energy solutions aimed at maintaining uninterrupted production capacity.
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Operational cash generation also improved significantly, with the group producing US$3.88 million in net cash from operating activities, highlighting stronger cash management and underlying business sustainability.
Management credited employees and strategic partners for supporting the company’s performance.
“The positive performance reflects the dedicated efforts of our team and the strength of our strategic partnerships,” management said, adding that the focus remains on delivering high-quality products and superior customer service.
The company operated in a complex economic landscape characterised by tight monetary policy, high interest rates and ongoing currency instability. Despite these pressures, management said disciplined financial management enabled the business to remain profitable.
However, the group noted that risks remain, including economic volatility, inflationary pressures and continued power supply disruptions, which require ongoing investment in alternative energy solutions and careful cost control.
Despite improved earnings, the Board resolved not to declare a final dividend for the year, opting instead to preserve cash for working capital and strategic capital expenditure. An interim dividend for the half-year ending 30 June 2024 remains under consideration.
General Beltings said it will pursue product diversification initiatives and market expansion strategies to sustain growth and enhance long-term shareholder value.
The company’s shares were trading at 11.67 ZWG cents as at 30 April 2026, with indicative trading liquidity of approximately US$33.6 thousand over the past 12 months.
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