Illovo Sugar appoints new financial director

Illovo Sugar on Monday announced the appointment of Mohammed Abdool-Samad as the new financial director of the group, following the resignation of Karin Zarnack with effect from 31 May 2011.

The appointment would take effect from 1 September, the company said.

Abdool-Samad holds a BCom degree and qualified as a chartered accountant in 1996.

He has held senior positions within the Anglo American group since 2005, and is presently the chief financial officer of Anglo American Thermal Coal.

On Monday, Illovo reported diluted headline earnings per share of 112.1 cents for the year ending in March from 170.7 cents a year ago. Headline earnings per share were 35% lower at 112.2 cents.

The company described the past year as "disappointing", with earnings adversely affected by weather conditions and currency movements.

The group's revenue declined 4% to 8.108 billion rand, while operating profit was 31% lower at 1.029 billion rand.

The operating margin declined from 18% to 13% and headline earnings declined 27% to of 516 million rand.

A final capital reduction distribution out of share premium of 34.0 cents per share was declared.

This distribution, together with the interim capital reduction distribution of 22.0 cents declared in November 2010, makes a total distribution of 56.0 cents per share.