Wednesday, February 21, 2024

BKB acquires the Provident Group of companies

Estimated reading time: 2 minutes

BKB is pleased to announce the acquisition of the Provident Group of companies, a leading provider of agricultural and animal health services in the former Transkei region of the Eastern Cape. The acquisition, which will be finalised by March 2023, includes three well-established businesses: Cowden’s Co-Op, with retail branches in Encgobo, Idutywa and Mthatha; Provident Animal Health, a retail branch in East London; and Farmer Vet, a veterinary wholesaler also based in East London.

BKB intends to maintain the existing brand names and operations of the Provident Group of companies’ businesses as we recognise the value and reputation that they have built in the region, and will gradually integrate these into our existing BKB Retail offering.

This acquisition will allow BKB to increase its national footprint by growing its presence in the Eastern Cape and better serve the needs of local farmers and producers. Provident Group of companies’ reputation for providing high-quality products and services is well-known, and we are excited to welcome them to the BKB family. Together, we will continue to support the growth and development of the agricultural industry in South Africa. – Press release, BKB

BKB reports solid growth in 2022

The company’s performance for the financial year ending June 2022 was better than expected in a year overshadowed by challenges surrounding Covid-19, biosecurity and export logistics.

Johan Stumpf, BKB Group CEO since 2020, attributes the good results to the diverse nature of BKB’s operations and the group’s focus on limiting non-essential expenses. Its value of business grew 8% year-on-year to R14,3 billion (2021: R13,2 billion), and its profit before tax increased by 15,2% to R171,6 million in the 2022 financial year (2021: R148,9 million).

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