African Equity Empowerment Investments revenue increased to ZAR1 052 million

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For the year under review, revenue for the Group was exceptional, with outstanding operating profits and asset growth, due to the strong contributions from all the underlying operations and investments.

The consistent increase in earnings and asset growth during a year of ongoing economic volatility, as well as the rating downgrade demonstrates the Group’s efficient and effective business model during the challenging market conditions.

Group revenue increased significantly by 43% from ZAR736 million to ZAR1 052 million mainly due to the consistent growth in revenue from all our divisions and especially the fishing and brands division, as well as the organic and acquisition growth during the year within the technology division and the improvement in the health and beauty division.

The Group’s operating profit increased by 111% from ZAR310 million to ZAR655 million due to consistent organic and acquisitive growth, as well as efficiencies achieved in the fishing
and brands, technology, health and beauty and the events and tourism divisions, as well as its strategic investments.

Group earnings increased by 120% from ZAR217 million to ZAR477 million, whereas earnings per share (EPS) increased by 120% from 44.09c to 97.10.

Headline earnings per share (HEPS)
increased by 120% from 43.13 cents to 94.89 cents for the year under review.

Profit before tax for the year increased by 136% from ZAR288 million to ZAR681 million with improved returns from our diversified operational and investment portfolio.

The Group’s asset base increased by 65% from ZAR1.7 billion to ZAR2.8 billion mainly due to the successful acquisitions, the value unlocked on the listing of our fishing and brands division and the consistent increase in underlying investment assets as compared to the comparative financial year.

Net asset value (NAV) for the Group increased by 100% from ZAR1 billion to ZAR2 billion as a result of excellent operational performance from all our underlying operations and investments.

The NAV per share increased by 39% from 186.52 cents to 260.00 cents.

As a result of the solid financial performance from the underlying businesses during a tough economic environment, net cash generated from operating activities increased by 7% from ZAR75 million to ZAR80 million.

 

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About Author

Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 16 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

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