FSG Limited, the BSE quoted funerals services provider, this week released their audited abridged annual Group results that revealed a strong balance sheet and growth in revenue and profitability.
The financial statement for the year ended 31 December 2011 showed its revenues were up to P86 million from P72 million from the prior year. Profit for the year stood at P21.8 million from P16.6 million.
Group Managing Director, Mike Nikolic, said their aim is to work together with leaders in the industry and exchange know-how with communities on how best to serve them.
“It has been an exciting time for FSG Limited and we are incredibly pleased with our growth in the last year,” Nikolic said.
“We hope to continue to create an increased value chain system for customers, business partners and shareholders alike across the African continent,” he added.
The results also testify to the Group’s large-scale increase in operations, both in Botswana and Zambia. The Group is now well positioned to enter the lucrative Ghanaian market.
FSG currently has business operations in Botswana, Zambia, and South Africa. Under its umbrella in Botswana, the Group comprises of M & N Coffin and Casket Manufacturers (Proprietary) Limited t/a Lyn’s Funeral Parlour as well as Kagiso Funeral Parlour (Proprietary) Limited. The Group’s network in Botswana comprises of 26 branches and pay points which, along with the sole Lusaka branch, have contributed to a 19 percent increase in revenue.
In 2011, the Group opened a new branch in Mochudi and acquired land in Francistown. The land in Francistown will be used to establish a private cemetery, making it the second in Botswana after the premium Phomolong Memorial Park in Phakalane.
This year, Palaype will be home to a new funeral parlour, for which the Group has already acquired land. In Ghana, the Group will partner with Enterprise Life Assurance Company Limited in a promising joint venture that replicates its successful Botswana operations.
The Group currently has 65 percent market share of funeral business in Botswana. Over the last 9 years, it has consolidated its position as market leader through its mandate to continuously innovate and provide outstanding customer services in all its operations. The Group credits its success thus far to a resolute commitment to providing customers with quality services at an affordable price.