Bell Equipment reported a fall in revenue and profit for the year to end-December, due to weaker market conditions including reduced demand in industries such as construction and mining.
The company’s revenue fell 13% to R11.7bn as demand dropped across its core industries. Profit from operating activities dropped 37% to R754.4m, while profit for the year fell 41% to R471m.
Despite the challenging year, Bell Equipment reported a net cash inflow of R458m after an outflow of R504m in the previous year. This improvement is attributed to better working capital management and reduced capital expenditure, the company said in a statement on Friday.
After withholding dividends in 2023 due to economic uncertainties, the company declared a final cash dividend of 160c per share.
The group, which operates as a manufacturer and distributor of material handling equipment, has been expanding its international footprint. In 2023, the company established a new parts logistics centre in South Carolina to support its growing business in the US, the world’s largest articulated dump truck market.
The global articulated dump truck market, valued at $7.59bn in 2025, is projected to reach $9.44bn by 2030, driven by the demand for heavy-duty vehicles in challenging terrains for industries like mining and construction.
The company has 112 independent dealers globally and 22 Bell-owned branches in SA. It also has two manufacturing facilities — in Richards Bay and Eisenach-Kindel, Germany — to serve the southern and northern hemisphere markets.
The Bell family, which holds about 70% of the company via an investment outfit called IA Bell, recently offered minorities R53 cash per share in its latest bid to take the group private. But the Richards Bay-based company saw its founding family’s latest bid fail after they could not achieve enough shareholder support.
In January 2024, Ashley Bell took the reins as CEO of Bell Equipment, rejoining a team of third-generation Bell family members engaged in the business.
Business Day previously reported the company aims to grow the business organically by investing in the development and enhancement of Bell original equipment manufacturer products, increasing market share in key markets, and expanding the Bell Heavy Industries contract manufacturing business in Richards Bay.
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