Italtile, a leading Gauteng-based retailer and manufacturer of bathroom and home products controlled by South African businessman Giovanni Ravazzotti, released its financial results for the full year 2024, revealing a mixed performance amid a tough operating environment.
According to its recently published financial results for the fiscal year ended June 30, 2024, the company, saw its revenue dip slightly to R9.06 billion ($509.1 million), down 0.79 percent from R9.14 billion ($513.09 million) in the previous year.
Profit drops nearly 10 percent as economic pressures mountThe modest decline in revenue reflects the resilience despite challenging economic conditions, including sluggish growth, high interest rates, inflation, and an oversupply in the tile manufacturing industry. Italtile's key brands-CTM, Italtile Retail, and TopT-demonstrated consistent retail turnover during this period, underscoring the company's market position.
However, Italtile faced greater challenges on the earnings front, with profit declining by 9.89 percent, from R1.65 billion ($92.83 million) in 2023 to R1.51 billion ($84.6 million) in 2024. CEO Lance Foxcroft reiterated the company's commitment to maintaining its industry leadership by enhancing its retail and manufacturing capabilities. "Our primary focus is on improving the Group's competitive position to retain our industry leadership through our robust retail and manufacturing assets and teams," Foxcroft stated.
