African Corporate Announcements

RTG: Release of FY2011 financial results

noreply@blogger.com (Blog Administrator) — Fri, 16 Mar 2012 08:46:00 +0000

The Board of Directors of Rainbow Tourism Group Limited is pleased to announce the release of audited results for the year ended 31 December 2011.
Source: Herald (16-Mar-2012)

PEARL: Release of FY2011 financial results

noreply@blogger.com (Blog Administrator) — Thu, 15 Mar 2012 07:23:00 +0000

The Board of Directors of Pearl Properties are pleased to announce the release of the Group’s audited financial results for the year ended 31 December 2011.
Source: The Herald (15-March-12)

M&R: Release of Half year results

noreply@blogger.com (Blog Administrator) — Wed, 14 Mar 2012 08:00:00 +0000

The Board of Directors of Murray & Roberts (Zimbabwe) Limited are pleased to announce the release of the Group’s unaudited results for the half year ended 31 December 2011...
Source: The Herald (14-Mar-12)

ZPI: Release of FY2011 financial results

noreply@blogger.com (Blog Administrator) — Wed, 14 Mar 2012 07:48:00 +0000

The Board of Directors of Zimre Property Investments Company Limited are pleased to announce the release of audited results for the year ended 31 December 2011.
Source: The Herald Zimbabwe (13-March-2012)

OML: Release of FY2011 abridged results

noreply@blogger.com (Blog Administrator) — Wed, 14 Mar 2012 07:40:00 +0000

The Board of Directors of Old Mutual Limited are pleased to announce the release of the Group’s audited financial results for the year ended 31 December 2011.
Source: The Herald Zimbabwe (13-Mar-12)

ZANACO | Notice and Agenda of Annual General Meeting

noreply@blogger.com (Blog Administrator) — Tue, 13 Mar 2012 06:44:00 +0000

Notice is hereby given that the 42nd Annual General Meeting of the fully paid up members of Zambia National Commercial Bank Plc will be held at the Intercontinental Hotel, Lusaka on Friday 30th March, 2012 commencing at 10.30hrs to transact the following:

To consider and adopt the minutes of the forty-first Annual General Meeting held on 31st March, 2011.
To receive and adopt the Company's Audited Financial Statements for the financial year ended 31 December, 2011, together with the reports of the Chairman, Directors and Auditors.
To receive and consider the Directors' recommendation that a final dividend of K28.00 per share be declared for the year ended 31 December, 2011, which will be payable to shareholders registered in the books of the company at close of business on 13th April, 2012, being the record date.
To amend the Articles of Associations as follows:
1. to Increase the Authorised Share Capital
2. to include meetings by way of by Teleconferencing Facility
3. to remove restrictions on the number of Directors
To authorize the Directors to issue and allot new ordinary shares to fully paid Shareholders through a Bonus issue.
To propose a change in Directors' compensation.
To re-elect Directors retiring by rotation in accordance with the provisions of the Company's Articles of Association.
To consider and adopt the recommendation for the re-appointment of the Auditors of the Company, Messrs Deloitte & Touche, for the Financial Year ending 31 December, 2012 and authorise the Directors to set the Auditors' remuneration.
To transact any other business as may properly be transacted at the Annual General Meeting. A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend, speak and on a poll, vote in his/her stead. The proxy need not be a shareholder. Proxy form must be lodged at the registered office of the Company not less than 48 hours before commencement of the Annual General Meeting.

By order of the board,
Suzyo M Ng'andu
Bank Secretary
Lusaka, Zambia
23 February 2012
NB: Some form of identification such as National Registration Card, will be required at the AGM.
Distribution of Annual Report
Annual Report for the year ended 31 December 2011 in respect of Zambia National Commercial Bank Plc will be distributed by post in the week beginning 12 March, 2012.
The Company will also avail the Annual Report on its website: www.zanaco.co.zm from 12 March, 2012.

EDGARS| FY2011 results and presentation

noreply@blogger.com (Blog Administrator) — Tue, 13 Mar 2012 06:43:00 +0000

The Directors of Edgars Stores Limited are pleased to announce the release of the Group's 2011 full year results and presentation for the 52 weeks ended 7 January 2012. Below are financial highlights and a brief extract from the Commentary section of the results.

Financial highlights

Retail sales up 44% to $51m
No of debtors accounts increase 43% to 158 901
Trade & other receivables up 23% to $19,5m
Trading profit up 77% to $7,5m
Cash flows from operating activities improve $12,8m
Earnings per share up 120% to 1.37cents

Commentary

The steady growth in accounts, improved merchandise assortments and improved cost management together with the successful re-branding of Express to Jet in November ensured that targets were met.

Performance

On the back of credit, Edgars Chain units grew 23% whilst margins were slightly up at 53.1%. Chain trading profit grew 37.3% as a result of improved profitability and the sale of higher value branded items...

Credit Management

Accounts grew by 42.9%. The active book stood at 81%. Collection rates and other key indicators have remained satisfactory. Bad and doubtful debts are fully provided for while net handovers for the year averaged 0.4% of lagged debtors.

Appreciation

On behalf of the board I wish to congratulate the management and staff of Edgars for working as a team to achieve a sterling set of results.

Outlook

The recent liquidity crisis in the banking sector and economy is of concern. Our focus will be on steady growth, albeit at a slower rate, improved merchandise assortments and customer shopping experience. Low cost store improvements and opening of new sites will be carried out as resources permit...
By order of the board

TN Sibanda
Non-Executive Chairman
To download the full year 2011 abridged results and presentation please click on the links below.

ZANACO | FY2011 financial results

noreply@blogger.com (Blog Administrator) — Tue, 13 Mar 2012 06:40:00 +0000

The Directors of Zanaco are pleased to announce the release of the full-year results for the period ended 31 December 2011.
Financial Highlights:

Total income up by 10% to ZMK 626,042
Deposit growth was up by 31% to ZMK 3,413,565
Return on Shareholders' funds increased by 20% to ZMK 582,671
Total asset growth was 34% to 4,717,621

To download the full 2011 abridged results for the period ended 31 December 2011, visit the 'Downloads' section of our website or click on the link below:

Download FY2011 abridged results

Disclaimer: The financial statements have been prepared in accordance with International Financial Reporting Standards.

ZANACO releases 2011 annual report

noreply@blogger.com (Blog Administrator) — Tue, 13 Mar 2012 06:39:00 +0000

The Board of Directors of Zambia National Commercial Bank Plc is pleased to announce the release of the 2011 annual report for the year ended 31 December 2011. Below is an extract from the Chairman's Statement.

Chairman's Statement

Performance

During the year under review, the Bank increased its Profit After Tax from ZMK 113 billion to ZMK 121 billion, which was mainly attributed to a rapid growth in customer numbers, robust growth in the Bank’s loan portfolio and continued cost awareness. The customer base continued to expand from 450,000 to over 550,000, or an annual growth rate of over 22%...

Strategy 2011-2015

The Board tasked Executive Management of the Bank to update its Strategic Plan for the medium term, and approved the subsequent submission...

Economic Overview

The Zambian economy continued to grow steadily, booking a real GDP growth of 6.5% during the year under review. Zambia remained relatively well insulated from the economic crises that affected other parts of the world. However, the economy continues to rely heavily on exports of copper (80% of total exports), which makes Zambia vulnerable to potential price volatility of this important commodity...

Banking Sector Overview

The Bank of Zambia (BOZ) took two important steps during the course of the year regarding banks supervision and regulation: 1. Reducing minimum statutory reserves held at BOZ in several areas, with the intent to increase bank liquidity, lending and thereby reducing bank interest rates...

Corporate Social Responsibility

Our Financial Fitness programme continued to grow, and is now seen as being synonymous with the Zanaco Brand. The programme was extended to schools, tertiary institutions, SME’s and the farming community through the Lima Scheme...
To download the full 2011 annual report please click on the link below.

Download 2011 annual report [2.8MB]

Dairibord releases FY2011 abridged results

noreply@blogger.com (Blog Administrator) — Fri, 09 Mar 2012 06:46:00 +0000

The Directors of Dairibord Holdings Limited are pleased to announce the release of the Group's FY2011 abridged results for the year ended 31 December 2011...
Source: Dairibord

AFRE: Appointment of CEO

noreply@blogger.com (Blog Administrator) — Wed, 07 Mar 2012 07:41:00 +0000

The Board of Directors of Afre Corporation wishes to announce the appointment of Mr Douglas Hoto as the Group Chief Executive Officer with effect from 1 March 2012...
Source: Herald (07-Mar-2012)

FIDELITY: Release of FY2011 financial results

noreply@blogger.com (Blog Administrator) — Wed, 07 Mar 2012 07:32:00 +0000

The Board of Directors of Fidelity Life Assurance are pleased to announce the release of the Group’s audited financial results for the year ended 31 December 2012.
Source: Herald (07-March-2012)

BIHL: Release of FY2011 financial results

noreply@blogger.com (Blog Administrator) — Wed, 07 Mar 2012 07:20:00 +0000

The Board of Directors of Botswana Insurance Holdings Limited are pleased to announce the release of the Group’s audited financial results for the year ended 31 December 2011.
Source: Botswana Stock Exchange

Truworth's releases 2012 interim results

noreply@blogger.com (Blog Administrator) — Wed, 07 Mar 2012 07:17:00 +0000

The Board of Directors of Truworths Limited is pleased to announce the release of their 2012 interim results for the half year ended 08 January 2012. Below is a brief extract from the Chairman's Statement.

Chairman's Statement

Financial Performance

Merchandise sales for the 26 weeks to 8 January 2012 declined by 10% compared to the 27 weeks to 9 January 2011 (the prior period). On a like for like trading week basis merchandise sales declined by 8%. Last year's sales were largely influenced by the introduction of 6 months credit in August which led to a surge in sales not repeatable in the reporting period...

Credit Management

The number of accounts increased by 26% over the comparative period. The trade receivables book perfonned in line with expectations. Al period end 87% of Group's account holders were able to make purchases, an improvement from 85% at the prior period end. Net bad debt as a percentage of credit sales was 2.5% compared to 1.3% last year and the doubtful debt allowance at the end of the period was 5.2% of the gross debt compared to 2.4% at the prior period end...

Dividend

Due to the prevailing liquidity conditions in the macro economy the Board has deemed it prudent not to declare a dividend.

Outlook

As previously advised low disposable incomes, and high unemployment continue to hamper a sustainable recovery in consumer spending. The liquidity crisis in the macro economy has the potential of a negative impact on trading and so has the forecast decline in agricultural production...
CPM Peech
Chairman
Registered Office
Stand 808 Seke Road
Prospect Park
Harare

Download full 2012 interim results here

Turnall releases FY2011 abridged results presentation

noreply@blogger.com (Blog Administrator) — Tue, 06 Mar 2012 07:44:00 +0000

The Directors of Turnall Holdings Limited have the pleasure of announcing the release of the Company's 2011 abridged results analyst presentation for the year ended 31 December 2011. Below is a brief extract from the analyst presentation.

Financial results

Turnover - $51.9 million
Exports - $1.7 million [ 3% of T/O].
Admin. Expenses - $6.4 million [ 12% of T/O].
Selling & Distribution Expenses - $2.0 million [4%]
Finance Charges - $2.2 million
Profit from operations - $7.4 million [ 14% return].
Attributable profit - $3.9 million.
Earnings per share - 0.80cents

To download the FY2011 interim results presentation please click on the links below.

FY2011 presentation

AFRICANSUN: Notice of the 40th Annual General Meeting

noreply@blogger.com (Blog Administrator) — Tue, 06 Mar 2012 07:41:00 +0000

NOTICE IS HEREBY GIVEN THAT the Fortieth Annual General Meeting of shareholders of African Sun Limited will be held in the Ophir Room, 1st Floor, at Crowne Plaza Monomotapa, 54 Park Lane Harare, on Friday 30 March 2012 at 1000hrs for the following purposes:

ORDINARY RESOLUTIONS

Statutory Financial Statements
To receive and adopt the financial statements for the year ended 30 September 2011, together with the report of the Directors and Auditors therein.
To appoint Directors
During the year Ms Y E Johnston resigned. Mr David W Birch, Mr Vernon W Lapham and Ms Elizabeth Chitiga retire by rotation. All being eligible, they will offer themselves for re-election at the Annual General Meeting.
Auditors Remuneration
To determine the Auditors' remuneration for the past audit. PricewaterhouseCoopers have indicated their willingness to continue in office.
Directors' Fees
To approve the payment of Directors' fees for the chairman and non-executive directors for the year ended 30 September 2011.

SPECIAL BUSINESS

Share Buy-Back
That the company be authorized to purchase at a price not greater than 5% above the weighted average of the market value and the minimum of not less than the nominal value for the securities for the five business days immediately preceding the date of repurchase its own ordinary shares up to a maximum of ten percent of the issued ordinary shares at the date of the Annual General Meeting, for the purpose of holding the said shares as treasury shares. That a capital redemption reserve fund, appropriated out of revenue reserves standing from time in the books of the Company, be created and further, that this authority expires at the next Annual General Meeting, provided it shall not go beyond 15 months from the date of the resolution.

Note:

In terms of section 129 of the Companies Act (Chapter 24:03), members are entitled to appoint one or more proxies to act in the alternative, to attend, vote and speak in their place at the meeting. A proxy need not be a member of the Company.
In terms of Article 80 of the Company's Articles of Association, instruments of the proxy must be lodged at the registered office of the Company at least forty-eight hours before the time appointed for holding the meeting.

By order of the Board
E T Shangwa
Company Secretary
African Sun Limited
Crowne Plaza Monomotapa, 17th Floor
54 Park Lane, Harare
Zimbabwe

27 February 2012

"Through a clearly defined strategy for expansion into high growth African markets, African Sun intends to grow its current 2,926 rooms under management to 5,500 rooms by 2012. This will be achieved through acquisition of long-term lease arrangements, management contracts and partnerships with property developers in a manner that maximises efficiencies and minimises operational risk."

www.AfricanSunInvestor.com

Zimplow thrives on appropriate technology

noreply@blogger.com (Blog Administrator) — Tue, 06 Mar 2012 07:39:00 +0000

The corporate reporting season kicked-off on a positive note with Zimplow releasing a good set of results. The year 2011 proved to be yet another success for the company which has been increasing volumes and growing profits since dollarisation.
While most companies enjoyed some form of growth up to 2010, the expectation is that 2011 results will start to separate those that have been merely riding the general wave of success based on recovery from the "lost decade" and those that have sustainable business models.
Local volumes in Zimplow's flagship Mealie Brand unit, which manufactures basic animal drawn farming implements, increased by 46% surpassing GDP growth of 9,3% and the expectations of some industry pundits.
Zimplow's other operating units, CT Bolts and Tassburg, also enjoyed growth in both volumes and profits.
So successful was 2011 for Zimplow that they managed to declare a dividend of 0,27 cents per share despite a 51% increase in electricity tariffs, a 20% increase in labour costs, a 33% increase in raw material (steel) costs and a higher effective tax rate. The company even managed to make an acquisition by way of a share swap for a 49% stake in a South African company, Afritrac, that is engaged in import and sale of animal drawn implements and tools.
Afritrac was acquired in exchange for 9,2 million Zimplow shares worth US$552 000. The acquisition of Afritrac will help Zimplow broaden its income streams.
Furthermore, the company can capitalise on the existing distribution network which Afritrac already has in South Africa. Afritrac is a profitable business and in its 10 months it contributed US$1,5 million to revenues and US$144 816 to profit before tax.
Management at the company indicated that they still expect further growth in 2012, underpinned by increased volumes in new markets such as Angola and Sudan. The growth comes despite erratic rain patterns in the region, particularly in East Africa.
Corporate success cannot be achieved without capable management and Zimplow seems to be a well run company. Also, a company needs to be well placed strategically to be able to thrive in any environment. Having survived its incorporation in 1939 with its key product -- animal drawn farming implements -- little changed, one is tempted to think that Zimplow is well placed to thrive in a market where innovation is lacking. Not to belittle them, Zimplow have consistently delivered products as demanded by the market. In fact it can be argued that the company has played a key role in the agricultural sector by providing the appropriate implements for small scale farmers to produce.
Interestingly, Zimplow has succeeded and might continue doing well with the same basic product range at a time when there is use of other advanced farming equipment. Long after the invention of the tractor, the combine harvester and other such technologies the majority of farmers in Zimbabwe and the region continue to use labour intensive technologies for various reasons. Ironically, all this has worked in favour of Zimplow. This is regardless of having companies like Tractive Power Holdings which have franchises to distribute advanced farming equipment locally.
The reasons why mechanisation of agricultural production remains elusive for Africa is multifaceted; it has to do with lack of finance required to acquire the new technology, an ineffective government mechanisation programme and that mechanisation is not a priority for most local farmers.
Lack of finance is largely to do with the system of land tenure. Banks simply will not lend without having some form of security and in agriculture land title is usually given as security. Farmers cannot make use of short-term financing from banks as it is expensive and not suitable owing to the long cycle. Agriculture operations such as tea plantations require cheap and long- term funding which most banks are not offering.
Furthermore, most, if not all, the subsistence farmers do not have enough money to achieve the required level of mechanisation. Again, the thrust of subsistence farming is to produce just enough to feed the family hence mechanisation operations to boost productivity are not a priority.
The various government farm mechanisation programmes that were carried out between 2004 and 2008 seem to have failed to yield the intended results. Some of the equipment that was distributed to farmers is lying idle. There are farmers who are failing to service or fuel the tractors, and some of them reportedly sold the equipment for quick cash. We believe the government should have capitalised institutions like District Development Fund Zimbabwe or Arda so that they could carry out tillage services for farmers.
As things stand the majority of local farmers and those in the region will continue using ox-drawn ploughs and other hand farming implements. Though it might seem backward, we believe that Zimplow will continue to successfully supply these simple tools and make profits. Already company management is projecting growth in sales and profitability of 20% and 15% for the 12 months to December 31 2012.
Source: The Independent

Improved market boost for Zimplow

noreply@blogger.com (Blog Administrator) — Tue, 06 Mar 2012 07:37:00 +0000

Improved market conditions and additional earnings from recently acquired African Traction and Associated Technologies (Afritrac) spurred Zimplow revenues by 26% to $15,5 million for the full-year ended December 2011. In 2010, one of the country's largest makers and distributors of agricultural implements recorded total revenues of $12,3 million.
Last year Zimplow acquired 49% of a South African animal traction distribution company, Afritrac. Afritac contributed $1,5 million to turnover and $145 000 to income before tax, over a ten month period.
Zimplow chief executive officer Zondi Kumwenda told an analysts briefing last week domestic and foreign revenues were up 30% and 17% respectively.
The company plans to grow by 20% with the new acquisition in 2012, said Kumwenda.
Zimplow net income before tax for the period under review was $3,64 million compared to $2,92 million the previous year.
Net cash flow from operating activities decreased from $2,2 million in 2010 to $1,8 million as a result of to an advance corporation tax payment of $443 000. Kumwenda said huge wage demands were likely to exert more cost pressures.
The full impact of electricity tariff increases of 51% by the Zimbabwe Electricity Supply Authority and increases in all utilities will be fully felt in 2012. Additionally, rainfall patterns in the region have been erratic, said Kumwenda.
He said the group would pursue growth strategies aimed at improving local and regional competitiveness.
Mealie Brand volumes increased by 27% to 74 000 implements as compared to 59 000 implements in 2010. Spare parts volumes decreased by 11% in 2011 when compared to 2010. CT Bolts mild steel volume sales were up 15% to 146 tonnes from 127 tonnes.
Mild steel bolts in units increased by 34% in 2011 while high-tensile bolts in units substantially increased by 87%.
Tassburg volume sales increased by 47% to 107 tonnes for the 12 months ended 31 December 2011 as compared to 73 tonnes for the same period in 2010.
Source: Newsday Zimbabwe

Zimplow: Notice of Annual General Meeting

noreply@blogger.com (Blog Administrator) — Tue, 06 Mar 2012 07:34:00 +0000

Notice is hereby given that the Sixth second Annual General Meeting of shareholders will be held at the CT Bolts Division Office, Falcon Street and Wanderer Road, Bulawayo on 28 March 2012 at 10:00 hours to transact the following business:

AGENDA

Ordinary Business

To approve the minutes of the Annual General Meeting held on 30 March 2011.
To receive and adopt the directors’ report and audited financial statements for the year ended 31 December 2011.
To elect directors Mr F. Rwakonda, who retire from office in accordance with the Group’s Articles of Association, and Mr Z Kumwenda and Mrs D Mkonto who retire from office by rotation.
All being available, they offer themselves for re-election.
To approve the payment of final dividend number 68 of 0.27 United States cents per share proposed on 22 February 2012.
To approve the remuneration of directors for the year ended 31 December 2011.
To fix the auditors’ remuneration for the year ended 31 December 2011.
To appoint auditors for the financial year ending 31 December 2012.

BY ORDER OF THE BOARD
D MKONTO
Company Secretary
39 Steelworks Road
P.O. Box 1059
BULAWAYO
22 February 2012
A member entitled to attend and vote is entitled to appoint one or more proxies to act in the alternative and to attend and vote and speak in his stead. Such proxy need not be a member of the Group. Proxy forms must be lodged at the registered office of the Group not less than forty-eight hours before the time of the meeting.

Zimplow Limited releases 2011 annual report

noreply@blogger.com (Blog Administrator) — Mon, 05 Mar 2012 06:57:00 +0000

The Directors of Zimplow Limited are pleased to announce the release of the Group's 2011 annual report for the year ended 30 September 2011. Below is a brief extract from the Chairman's Review:

Chairman's Review

Introduction

The much anticipated upturn in the economy for 2011 fizzled out particularly in the second half of the year. Liquidity challenges which intensified towards the end of 2011 and local cost increases, led by electricity tariffs worsened the situation...

Operations

Mealie Brand volumes for the 12 months ended 31 December 2011 increased by 27% to 74 thousand implements, as compared with 59 thousand implements for the 12 months ended 31 December 2010. Spare parts volumes decreased by 11% in 2011 when compared to 2010...

Financial review

Group Revenue for the 12 months ended December 31, 2011 increased by 26% to US$15.5 million as compared to US$12, 3 million for the same period in 2010. This increase was due to improved local market as well as additional revenue from the new acquisition. Domestic revenue increased by 30% while foreign revenue improved by 17%...

Prospectus

The year 2012 is expected to exert more cost pressures that will be brought about by huge wage demands. The full impact of electricity tariff increases by the Zimbabwe Electricity Supply Authority of 51% and increases in all utilities will be fully felt in 2012...

Acknowledgements

My appreciation goes to fellow Board members for the clarity of direction they continue to offer to the business. The CEO, management and employees deserve credit for achieving yet another commendable set of results.
Z L Rusike
Chairman
22 February 2012
To download or view the full Zimplow Limited 2011 annual report please click on the links below.

Turnall releases FY2011 abridged results

noreply@blogger.com (Blog Administrator) — Mon, 05 Mar 2012 06:56:00 +0000

The Directors of Turnall Holdings Limited are pleased to announce the release of the Group's 2011 full year abridged results for the year ended 31 December 2011. Below are extracts from the Chairman's Statement.

Chairman's Statement

Introduction

It is my pleasure to present the Turnall Holdings Limited results for the year ended 31 December 2011.

Operating Environment

The results for the year to 31 December 2011 were achieved in a stable but challenging economic environment characterised largely by tight liquidity, working capital constraints and generally high interest rates which ranged between 18 and 25% per annum...

Performance Overview

The company achieved a turnover from continuing operations of US$51.9 million representing an increase of 48.8% over the same period last year. Export contribution to the overall revenue growth at 3.2%, was on the low side and this was largely due to delays in the commissioning of the Newtech plant...

New Technology Plant Commissioned

The plant to manufacture non-asbestos products was successfully commissioned in the latter part of 2011. As highlighted earlier, commercial production and exports into South Africa commenced in November 2011. The tonnage sold into the export market relating to this product amounted to 2 276 tonnes.

Directorate

Mr. R. Dhliwayo was appointed to the Board as a Non-Executive Director during the course of the period. He brings with him vast industrial experience in occupational health and safety.

Future Outlook

Government is projecting a 9.4% growth in 2012 with this growth coming mainly from mining, agriculture (tobacco, cotton, maize) and the financial services sector. The financial services sector is set to grow by 23% in 2012. It is envisaged that growth in the financial services sector during 2012 will benefit the company through increased mortgage lending and funding for infrastructural developments around water and sewer reticulation...

Appreciation

I would like to thank our customers, suppliers, all stakeholders, my fellow Board members, management and all staff at Turnall, for their support and commitment during the year.
Herbert Nkala
CHAIRMAN
Harare

23 February 2012

Dividend

At a meeting held on 23 February 2012, the Board of Directors resolved not to declare a final dividend for the year to 31 December 2011 in view of the need to build resources for both working capital and new projects that will enhance the company’s medium to long-term competitive advantage and capacity to respond to developments in its chosen markets.
By Order of the Board
Per R S Dube
COMPANY SECRETARY

Download full abridged results here

Imara alerts global investors to opportunities in Nigerian banks

noreply@blogger.com (Blog Administrator) — Mon, 05 Mar 2012 06:54:00 +0000

International investors are being alerted to attractive valuations in the Nigerian banking sector.

The tip comes from Imara, the Botswana-listed financial services group.

The company closely scrutinises the West African region as its internationally marketed investment funds have significant positions in Nigerian equities.

The latest report to investors notes that “the banks are now very cheap”, with the price-to-earnings and price-to-book ratios of the sector in particularly attractive territory.

Meanwhile, the level of non-performing loans (NPLs) held by the banks continues to fall. The sector-wide level is expected to dip to under 5% compared to more than twice this in 2010.

In contrast, loan growth is up 16% while margins are widening driven higher by a steep yield curve.

Imara’s Nigeria specialists conclude: “Overall, 2012 should be a good year for the banks.”

Imara is an independent, Botswana-listed investment banking group that prides itself on objective decision-making in the service of its clients. The company is mid-sized and has offices in Angola, Botswana, South Africa and the UK and associate offices in Malawi, Mauritius, Zambia and Zimbabwe. Imara has also partnered with Chapel Hill Denham in Nigeria, NIC Capital in Kenya, Namibia Equity Brokers and Mac Capital in Dubai. The Group is an active participant in Africa's financial markets and maintains extensive research coverage of regional equities. Imara provides a range of specialised financial products and services that can be broadly categorised as:

Asset management (institutional and private client)

Corporate finance and advisory services

Securities

Trust and administration services

Imara Group subsidiaries are regulated by: NBFIRA in Botswana, the FSA (UK), the FSB, JSE, SAFEX (South Africa), SEC, ZSE and Reserve Bank of Zimbabwe, the FSC (Mauritius) and the Reserve Bank of Malawi.

ISSUED ON BEHALF OF:	IMARA
BY:	CLEAR DISTINCTION COMMUNICATIONS
CONSULTANCY CONTACT:	Carol Dundas Tel: 011 444-0650 Mobile: 083 447 6648 Email: carol@cleardistinction.co.za
IMARA CONTACT:	Jonathan Chew Tel: (011) 550 6181

BARCLAYS: Release of FY2011 abridged results

noreply@blogger.com (Blog Administrator) — Thu, 01 Mar 2012 08:16:00 +0000

The Directors of Barclays of Zimbabwe Limited are pleased to announce the release of the Group's audited results for the year ended 31 December 2011.
Source: The Herald Zimbabwe (1-Mar-12)

Dairibord releases FY2011 abridged results

noreply@blogger.com (Blog Administrator) — Thu, 01 Mar 2012 08:13:00 +0000

The Directors of Dairibord Holdings Limited are pleased to announce the release of the Group's FY2011 abridged results for the year ended 31 December 2011.
Source: The Herald (1-March-2012)

African Sun releases 2011 annual report

noreply@blogger.com (Blog Administrator) — Thu, 01 Mar 2012 08:05:00 +0000

The Directors of African Sun Limited are pleased to announce the release of the Group's 2011 annual report for the year ended 30 September 2011. Below is a brief extract from the Chairman's Statement:

Chairman's Statement

Message to shareholders

The performance for the financial year was mixed, with Zimbabwe hotels registering strong growth, whilst the two South African hotels reported losses due to persistently difficult trading conditions. Consequently, a decision was taken to exit the leases for these two hotels and this was implemented in the last quarter of the financial period...

Business environment

The world travel industry has remained volatile, posting mixed results for 2011 owing to the failure by major economies to realise recovery after the global recession, forcing tourism growth figures to be revised downwards in the US and key European countries. However, there was growth in some parts of the world, mainly in the BRICS (Brazil, Russia, India, China and South Africa) with Africa recording growth of 5%...

Financial review

Revenue from continuing operations grew by 22% to $48.8 million, up from $39.9 million last year, driven mainly by a strong RevPAR performance from the Zimbabwe hotels. The RevPAR growth of 21% that was achieved by the Zimbabwe hotels emanated from a 13% growth in volumes, and an 8% increase in ADR over the last year...

Directorate

Ms Y Johnston resigned from the Board on 21 April 2011. Her valued contribution to the development of the sales and marketing function and to the Board at large during her tenure is much appreciated...

Appreciation

I would like to commend management and staff for their continued commitment throughout the period. Much appreciation also goes to my fellow Directors for their support and contribution to the business during the financial year under review...
To download or view the full African Sun Limited 2010 annual report please click on the links below.