AEEI reports strong interim performance, with profit up 150%
JSE-listed African Equity Empowerment Investments (AEEI) achieved a 150% increase in pre-tax profit to R185-million for the half-year ended February 28, owing to improved positive returns from the group’s diversified operations and investment portfolio.
The company on Thursday noted that significant revenue from its technology division – through organic growth as well as the acquisition of two companies – and its fishing division’s organic growth, boosted its headline earnings a share by 111% to 29.53c, while earnings a share increased by 110% to 29.48c for the period under review.
“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. We have been fortunate to meet, and in some instances, exceed, our targets for the half-year,” said AEEI CEO Khalid Abdulla.
“Further, as a result of the solid financial performance from the underlying businesses, net cash generated from operating activities increased by 21% to R35-million for the period under review,” added Abdulla.
The group also announced its maiden interim dividend of 2c a share.
The food and fishing division achieved a solid performance for the six months, with increased sales volumes in the lobster and squid businesses contributing significantly to the strong performance and growth.
Premier Food and Fishing’s group revenue increased by 7% to R182-million, while operating profit was up 13% to R25-million.
AEEI’s information and communication technology (ICT) division also delivered strong organic and acquisitive growth.
This growth also bolstered its product portfolio and supported increased operating profit of 17% to R197-million.
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