Control Instruments` net profit for the year to end-December soared by 138% to R18.67 million from R7.84 million the previous year.
MD Richard Friedman attributes the growth a continued focus on the automotive industry and the development of new products where the group`s subsidiaries own the intellectual property.
Revenue rose by 6.2% from R335.1 million to R355.97 million, while earnings before interest, tax, depreciation and amortisation increased by 28.7% from R27.61 million to R35.52 million.
Earnings per share rose from 8.9c to 23.8c while headline earnings per share increased from 13.6c to 28.6c.
Friedman says Control Instruments Fleet Management Services, which designs and develops onboard computers, dropped volumes and profitability because of a downturn in western European markets and the stronger rand. However, it remained profitable and had positive cash flow.
Shurlok, which produces electronic products for the original equipment manufacture industry, experienced growth as a result of investment in plant, equipment and new products.
Control Instruments Automotive Trading, which distributes Siemens VDO products, among others, had what Friedman describes as "an exceptionally good year on the back of changes in product mix and benefits of the strengthened rand".
He says indications are that the local automotive industry will continue to grow and become more integrated into the global supply chain of automotive manufacturers. "Barring any unexpected local or international disruptions, prospects for 2004 are positive."
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