Masawara profit up 57 percent


0

Masawara Plc reported a 57 percent increase in after tax profit to $3.6 million in the six months to June from $2.3 million in the comparable period last year.

Masawara, is an investment holding company with interests in property, insurance and hospitality in the southern African region.

Total revenue increased by 6 percent to $52.2 million from $49.2 previously.

The insurance division saw a marginal increase in after tax profit to $6.6 million from $6.7 million in the same period last year.

Joina City a mixed use complex in Harare saw occupancy decline to 54 percent from 60 percent in the same period last year owing to cancellation of leases by non-performing tenants.

“Although the ratio of debtors as a percentage of revenue increased by 10 percent, this ratio is expected to improve as a result of the unit’s strategy which focuses on retaining performing tenants,” the group said.

The hospitality unit, Cresta Zimbabwe narrowed its loss to $15 000 from $232 000 in the same period last year as a result of “cost reduction initiatives”.

Cash and cash equivalents declined to $27.4 million from $29.1 million previously.

“The decline in cash and cash equivalents was driven by cash utilised in investing activities of $9.3 million.”

“The cash utilised in investing activities was mainly the result of the purchase of financial instruments of $15.4 million. Net cash from financing activities includes proceeds from borrowings of $2.4 million, the repayment of borrowings of $1.5 million and the payment of dividends to non-controlling shareholders amounting to $0.2 million.”

The agrochemicals segment saw a 46 percent decline in after tax profit to $1.3 million from $2.3 million in the comparable period last year.

Masawara has a 22.5 percent interest in Zimbabwe Fertilizer Company (ZFC) and a 50.6 percent interest in Sable Chemicals.

Sable commenced production under the full importation model in November 2016 but revenues remained depressed resulting in a loss before tax of $1.5 million.

The group’s total assets increased to $312.9 million from $288 million previously. –The Source

(45 VIEWS)

Don't be shellfish... Please SHAREShare on google
Google
Share on twitter
Twitter
Share on facebook
Facebook
Share on linkedin
Linkedin
Share on email
Email
Share on print
Print

Like it? Share with your friends!

0
Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

0 Comments

Your email address will not be published. Required fields are marked *