African Equity Empowerment Investments increase revenue by 47 percent
African Equity Empowerment Investments Limited (AEEI) reports that its revenue increased by 47 percent during the six months ending February, to R449-million.
According to the AEEI, the company's operating profits increased by 145 percent during the same period, to R181-million. In addition, earnings per share have increased by 110 percent for the period in question.
About nine months ago, you would have earned 14.02 cents per share, that has increased to 29.48 cents per share. The company leadership also reports that headline earnings per share have increased by 111 percent, from 14.02 cents to 29.53 cents.
The company's total assets now total R1 841-million, which equates to a 20 percent increase. Net Asset Value (NAV) increased by 34 percent from R847-million to R1 138-million.
Net cash generated from operating activities increased by 21 percent from R29-million to R35-million.
The AEEI is a JSE-listed diversified investment and empowerment company, and the figures that have been released certainly look and feel empowering to those involved in this project. Some of the more immediate objective include meeting the targets set out in the company's Vision 2020 strategy.
Management thinks it is becoming increasingly apparent that those targets will be met. But just how significant have the past six months been for the company?
Group Chief Executive at AEEI, Khalid Abdulla explains.
"The Group remains on a positive trajectory and I am delighted that we are able to continue improving our financial performance year on year, while driving sustainable returns for all stakeholders," said Abdulla.
"We have been fortunate to meet, and in some instances, exceed, our targets for the half year results," added Abdulla.
"Further, as a result of the solid financial performance from the underlying businesses, net cash generated from operating activities increased by 21 percent from R29-million to R35-million for the period under review," he said.
"I am also extremely pleased to announce a maiden interim dividend of 2.00 cents per share. This adds to the 3.30 cents we paid for the August 2016 financial year-end," added Abdulla.
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