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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Inqo Investments Limited | AQSE:INQO | Aquis Stock Exchange | Ordinary Share | ZAU000014391 | Ordinary shares |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 66.00 | 62.00 | 67.00 | 66.00 | 64.50 | 66.00 | 0.00 | 16:29:58 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMINQO
RNS Number : 9999U
Inqo Investments Limited
01 November 2017
INQO INVESTMENTS LIMITED
UNAUDITED GROUP RESULTS FOR THE PERIODED 31 AUGUST 2017
CHAIRMAN AND CHIEF EXECUTIVE STATEMENT
Inqo Investments Limited ('Inqo' or 'the Company') is a South African based social impact company that acquires and invests in businesses that tackle poverty and the social needs of low income earners at the base of the economic pyramid in Sub-Saharan Africa.
COMMENTARY
The process that the group started in 2014 to consolidate its financial position was concluded in the 2016/7 year which meant that the group started this 2017/8 financial year with no debt leading to the group being able to produce a stronger balance sheet.
The results for the six months reflected a loss after tax of R4,045,783 (August 2016: a profit of R6,989,880) of which R1,029,799 was for depreciation. The results for the first half of the last financial year 2016/7 were buoyed by a once off write back of interest on renegotiated loans, which were settled in April 2016.
Inqo's revenues are derived primarily from its main subsidiary, the Kuzuko Lodge. In the first six months of this year, revenues have grown to R7,605,499 (2016: R5,324,300) a rise of 43%. This is a marked improvement in trading given that these financial results cover the low season period.
INVESTEE COMPANIES
Kuzuko Lodge (South Africa)
The Lodge traded at a loss for the six months to date reflecting a loss of R2,006,939 (August 2016 six month period: R1,864,204). Trading in the six month period to date has improved year on year and improved occupancy levels are anticipated for the rest of the 2017/8 high season as shown by the advanced bookings currently in the system and already prepaid.
Annual occupancy to date at 31 August 2017 reflects a 20% improvement compared to 2016 while the average room rate shows a 51% improvement over 2016.
The Kuzuko Foundation supported 100 pupils from township schools on a day visit to the Kuzuko Educational Park. The Foundation is supported by donors as well as guests at Kuzuko Lodge.
Spekboom Trading (South Africa)
We continue our interaction with the Department of Environmental Affairs (DEA) to obtain a further reforestation grant to extend the planting of spekboom on the Kuzuko Game Reserve. When an agreement is reached with the DEA we will create some 100 new jobs in the local community. To date, the company has re-planted 500 acres of spekboom on degraded land.
Bee Sweet Honey (Zambia)
Inqo invested US$60,000 in Bee Sweet Honey Limited, a Zambian exporter of honey. Bee Sweet currently have 90,000 bee hives in the field managed by 13,000 farmers. The harvest for the May 17 crop was 133 Metric tonnes with Inqo's share being 7.4 tonnes. Inqo earned its first revenue from the honey harvested in May 17.
Four-One Financial Services Limited (Uganda)
In April 2017, the company made an investment in Four-One Financial Services Limited, a Ugandan based company which manages the Mazima Voluntary Individual Retirement Benefits Scheme.
The Mazima Retirement Plan is the trading name of Mazima Voluntary Individual Retirement Benefits Scheme (MVIRBS). It is a retirement savings scheme for low income earners in the informal sector of the economy. The poor and informal workers do not currently have any formal retirement for such low income earners. Mazima is supervised by a group trustees and is licensed and regulated by the Uganda Retirements Benefits Regulatory Authority (URBRA), the government body that regulates all pension and retirement benefits schemes. Four-One Financial Services is the management company responsible for marketing and administration of the Mazima retirement scheme.
Savers register online and pay through mobile banking or e-banking through the bank. No cash is used. Each saver has his/her own account managed by the custodian bank, Housing Finance Bank. The investments are managed by AA Financial, a regulated advisor.
OUTLOOK
Inqo expects to benefit from improved trading from the Kuzuko Lodge operation and revenues from each of the Bee Sweet Honey Operation and the Four-One Financial Services Investment.
The occupancies and average room rates currently achieved at Kuzuko Lodge in the second six months of the 2017/8 year are very strong, with the Lodge experiencing higher than ever occupancy levels in the final quarter of 2017. This trend is expected to continue into 2018 on the back of the fact that the Rand remains weak against other currencies making South Africa an attractive destination of travel. Kuzuko Lodge is situated in a malaria free area and this factor is proving to be positive to the business as the Lodge is now experiencing a higher level of enquiries from potential North American visitors.
SUMMARY OF SOCIAL & ENVIRONMENTAL METRICS SINCE PROJECT COMMENCEMENT
-- 39,000 acres of former farmland restored as a game reserve in a region of endemic poverty in the poorest province in South Africa.
-- Increased VAT and income tax paid year on year, currently 55 fulltime and 12 part-time and contracted staff employed.
-- All staff living at Kuzuko in standard housing with flush toilets, power, water and solar panels.
-- Conservation of 3 endangered species.
-- 100 pupils from township schools entertained on a day visit to the Kuzuko Educational Centre to learn about conservation in the period from June to August
-- Reforestation of 500 acres of degraded land with spekboom providing work for 100 part time staff.
-- 90,000 beehives in the field providing 13,000 farmers with increased income. 3000 of these hives are the property of Inqo.
-- The Mazima Retirement Plan now has 830 active members having grown from 430 active members in August 2016.
STAFF
The directors would like to take this opportunity to thank all the operating staff in the group for their contribution and commitment to the group's objectives.
FINANCIAL INFORMATION
The financial information set out in this announcement does not constitute statutory financial statements. This financial information has been extracted from Inqo's unaudited condensed consolidated financial statements for the six months ended 31 August 2017.
KPMG has performed a review of the condensed consolidated interim financial statements for the six months ended 31 August 2017.
A copy of these condensed consolidated interim financial statements and KPMG's review report will be available at the Company's offices on 1 November 2017.
DIVID
The company has not declared a dividend for the period ended 31 August 2017.
K.S Tan
Chairman
C.J Bertie
Chief Financial Officer
ENQUIRIES
Inqo Investments Limited Mr Chris Bertie, Chief Financial Officer and Chief Operating Officer Tel: +27 (0)83 625 4069 Shard Capital Partners LLP NEX Exchange Corporate Adviser and Broker Dr Wang Chong Tel: +44 (0)20 7186 9948 Inqo Investments Limited Group Condensed consolidated statement of profit or loss and other comprehensive income For the six months ended 31 August 2017 Group (Reviewed) (Reviewed) (Audited) Six Months Six Months Year ended ended 31 ended 31 28 February August 2017 August 2016 2017 (6 months) (6 months) (12 months) R'000 R'000 R'000 Revenue 7 652 5 324 17 026 Cost of sales (1 160) (909) (2 390) -------------------- ---------------------- -------------------- Gross profit 6 492 4 415 14 636 Other income - 13 977 14 042 Selling and administrative expenses (11 095) (8 251) (19 457) -------------------- ---------------------- -------------------- Operating (loss) / profit (4 603) 10 141 9 221 Fair value adjustment - - 502 Net financing income 86 469 536 Finance income 101 495 581 Finance costs (15) (26) (45) -------------------- ---------------------- -------------------- (Loss) / profit before taxation (4 517) 10 610 10 259 Taxation 471 (3 620) (2 868) -------------------- ---------------------- (Loss) / profit for the year (4 046) 6 990 7 391 -------------------- ---------------------- -------------------- Other comprehensive income - - 10 575 Revaluation of land - - 13 627 Deferred tax on
revaluation - - (3 052) -------------------- ---------------------- -------------------- Total comprehensive income for the period (4 046) 6 990 17 966 ==================== ====================== ==================== (Loss)/earnings per share (cents) (0.29) 0.65 0.61 Diluted (loss)/earnings per share (cents) - 0.65 0.58 Inqo Investments Limited Group Condensed consolidated statement of financial position At 31 August 2017 Group (Reviewed) (Reviewed) (Audited) 31 August 31 August 28 February 2017 2016 2017 R'000 R'000 R'000 Assets Non-current assets 132 849 120 065 132 870 Property, plant and equipment 131 266 119 089 131 898 Intangible assets 14 22 18 Other Investments 1 013 954 954 Loan Receivables 556 - - ------------------- -------------------- ------------------- Current assets 7 291 11 306 10 655 Inventories 663 584 486 Trade and other receivables 2 267 2 378 3 115 Biological assets 3 605 3 023 3 512 Cash and cash equivalents 756 5 321 3 542 ------------------- -------------------- ------------------- Total assets 140 140 131 371 143 525 =================== ==================== =================== Equity and liabilities Capital and reserves Ordinary share capital 58 198 58 198 58 198 Share premium 58 228 58 228 58 228 Revaluation reserve 70 774 60 200 70 774 Accumulated loss (62 186) (58 319) (58 786) ------------------- -------------------- ------------------- Equity attributable to equity holders of Inqo Investments Limited 125 014 118 307 128 414 Non-controlling interest (472) (695) 173 -------------------- ------------------- Total equity 124 542 117 612 128 587 Non-current liabilities 9 296 7 416 9 753 Loans from related parties 436 414 436 Other long term loans 580 552 566 Deferred taxation 8 087 6 257 8 558 Debentures 193 193 193 ------------------- -------------------- ------------------- Current liabilities 6 302 6 343 5 185 Trade and other payables 6 050 5 088 4 933 Provision 252 252 252 Interest bearing - - loans and borrowings - current portion 1 003 ------------------- -------------------- ------------------- Total liabilities 15 598 13 759 14 938 Total equity and liabilities 140 140 131 371 143 525 =================== ==================== =================== Inqo Investments Limited Group Unaudited interim financial information for the six months ended 31 August 2017 Basis of preparation The interim financial statements are prepared in accordance with IAS 34 Interim Financial Statements and the requirements of the Companies Act of South Africa and should be read in conjuction with the Group's last annual consolidated financial statements as at and for the year ended 28 February 2017 ('last annual financial statements'). They do not include all of the information required for a complete set of IFRS financial statements. The condensed financial information has been presented on the historical cost basis, except for financial instruments carried at fair value, and are presented in Rands which is Inqo Investment Ltd's functional and presentation currency. This financial inforamtion has been extracted from Inqo's unaudited condensed consolidated interim financial statements for the six months ended 31 August 2017. This financial information was prepared under the supervision of Mr C Bertie CA(SA), in his capacity as group financial director. Inqo Investments Limited Group Summarised financial information For the six months ended 31 August 2017 Group (Reviewed) (Reviewed) (Audited) Six Months Six Months Year ended ended ended 31 31 28 February August August 2017 2016 2017 (6 months) (6 months) (12 months) Earnings/(loss) per share (Loss)/earnings per share (cents) (0.29) 0.65 0.61 Diluted (loss)/earnings per share (cents) - * 0.65 0.58 (Loss)/profit attributable to equity shareholders (R'000) (3 401) 7 551 7 085 Weighted average number of shares in issue for normalised 11 639 11 639 11 639 EPS calculation 615 615 615 Weighted average number of shares in issue for diluted 11 755 11 677 12 205 normalised EPS calculation 656 473 410 * Computation of the diluted earnings per share is anti-dilutive and therefore has not been computed.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
November 01, 2017 03:00 ET (07:00 GMT)
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