JO Investments, a Belgium-based industrial holdings group, has announced a significant increase in sales for the year ended June 30, 2024. The company reported a total revenue of $749.75 million, a 14.14% growth from the previous year’s revenue of $656.83 million. The surge in sales is attributed to a rise in demand for the company’s products in emerging and middle-income markets.
The conglomerate, which holds primary investments in industrial cable manufacturing, steel production, tile manufacturing, and data center operations in South and Southeast Asia, has reaffirmed its commitment to these regions. It aims to continue its growth trajectory and increase sales to $1 billion in the fiscal year 2025 through its subsidiary entities.
One of the major projects contributing to this growth is its 49% stake in Ramusaken Siam Steel, an integrated billet manufacturing plant 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, to extract high-grade Cr₂O₃ chrome starting in February 2025.
Javed Opgenhaffen, Chairman and CEO of JO Investments, stated that the company has invested a significant portion of its retained earnings in various projects to strengthen its downstream operations. This includes establishing a 450,000 MT steel processing plant in Thailand and acquiring chrome mining assets in South Africa to achieve operational profits, reduce raw material costs, and achieve economies of scale.
Moreover, JO Investments is expanding its presence in the Middle East. It has acquired a majority stake in ZAD Foods Industries, a leading producer and marketer of biscuits and confectionery in Abu Dhabi. The company has also begun the process of establishing a pharmaceutical plant in Saudi Arabia, specializing in the production of IV drips. These strategic initiatives aim to diversify the company’s operations and drive its growth objectives.
Overall, JO Investments’ surge in sales and expansion plans in Southeast Asia, South Africa, and the Middle East demonstrate its strong commitment to growth and diversification. The company’s success in the fiscal year 2024 and its ambitious goals for 2025 highlight its position as a leading player in the industrial holdings industry.
