April 25, 2025: Metair Investments has posted an overall 28% EBIT boost from its remaining battery businesses after selling off its troubled Mutlu Akü Turkish lead acid firm last year.

In full-year consolidated results for 2024, released on March 26, South Africa-based Metair said EBIT (earnings before interest and tax) for its energy storage division increased by a “pleasing” ZAR272 million ($15 million) compared to ZAR212 million in the previous year.

The company said the boost was helped by manufacturing efficiencies, scrap recovery and increased exports across the remaining units of its energy storage division — Romania-based Rombat and South Africa’s First National Battery (FB).

FB saw an EBIT improvement of 25% to ZAR225 million, while sales of automotive batteries at Rombat jumped by 23% to 2.8 million units.

Rombat’s performance was supported by gains in export sales that helped realise increased EBIT for the year of ZAR45 million (previously ZAR33 million). This was achieved despite competition from cheap imports and higher exposure to OEMs, Metair said.

The results are in line with a trading update released last month, when Metair said it wanted its primary focus to become automotive component manufacturing and aftermarket automotive parts and services.

The group said the sale of Mutlu Akü to lead mogul Howard Myers’ Quexco Incorporated business, last September, has been a critical element of its turnaround. The Turkish business accounted for around 70% of Metair’s total interest cost and 23% of net debt.

Meanwhile, Metair has started the recruitment process for a new CFO after the resignation of Anesh Jogia, with effect from April 1.

Jogia, who will serve his notice period up to June 30, 2025, is leaving to pursue new interests, Metair said.