Belgium-based industrial holdings group JO Investments has reported a significant increase in sales for the year ended June 30, 2024. The conglomerate, which specializes in manufacturing industrial cables, steel, and tiles, as well as data center operations in South and Southeast Asia, announced a total revenue of $749.75 million. This marks an impressive growth rate of 14.14%, compared to the previous year’s revenue of $656.83 million.
The surge in sales can be attributed to increased demand for the company’s products in emerging and middle-income markets. In light of this success, JO Investments has reaffirmed its commitment to its operations in Southeast Asia and the Middle East. The company aims to continue this growth trend and achieve $1 billion in sales for the fiscal year 2025 through its subsidiary entities.
One of the key projects that JO Investments is investing in is a 49% stake in Ramusaken Siam Steel, an integrated billet manufacturing plant located in Chon Buri, Southern Thailand. The plant is expected to begin operations in March 2025. Additionally, the company holds a 50% stake in Smart Assets Africa Ltd., which has secured mining permits across 8,800 hectares in Limpopo, South Africa, for the extraction of high-grade Cr₂O₃ chrome starting in February 2025.
Javed Opgenhaffen, the Chairman and CEO of JO Investments, expressed his satisfaction with the company’s performance, stating, “In the year to date, we have invested a significant portion of our retained earnings in multiple projects. These include strengthening our downstream operations through the establishment of a 450,000 MT steel processing plant in Thailand and further vertical integration via the acquisition of chrome mining assets in South Africa. These initiatives are aimed at enhancing operational profits, reducing raw material costs, and achieving economies of scale.”
In addition to its operations in Southeast Asia, JO Investments is also expanding its presence in the Middle East. The company has acquired a majority stake in ZAD Foods Industries, a leading producer and marketer of biscuits and confectionery based in Abu Dhabi. Furthermore, JO Investments has plans to establish a pharmaceutical plant in Saudi Arabia that will focus on the production of IV drips. These initiatives demonstrate the company’s efforts to diversify its operations and achieve its growth objectives.
JO Investments’ success in increasing sales and expanding its operations is a testament to the company’s strong commitment to its stakeholders and its dedication to providing high-quality products and services. With its continued focus on strategic investments and expansion, JO Investments is set to achieve even greater success in the future.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.