Sunday, May 22, 2022

Namibia operations to net Sefalana P30 profit in first 10 months

Sefalana Holdings said its investment in the Namibian market will come?in handy as it will add large sums of money to the group’s top line in?the coming months.?The Botswana Stock Exchange (BSE) listed diversified company expanded?into the regional market following the entry into Katima Mulilo and?subsequent acquisition of the chain of 12 Metro stores across the?country.?” This acquisition is expected to increase turnover by around P800?million in the first 10 months of trading and contribute approximately?P30 million to profit,” the┬á company revealed as it announced Audited?Group Financial Results For The Year Ended 30 April 2014.?

“This has enabled our Group to have a very significant presence in?Namibia in a short space of time. We are excited about this new?venture and look forward to extracting value from it for our?Shareholders. Other potential sites in Namibia will also be considered?for additional store openings as the opportunities arise,” it added.?The move allowed the group to have a very significant presence in?Namibia in a short space of time and it expressed excitement on the?new venture and look forward to extracting value from it for our?Shareholders.?The group is already exploring potential sites in Namibia and will?consider adding new store openings as the opportunities arise.

The results relating to the trading activity of the 12 stores have not?been presented as this acquisition took place after the year end.?”The results relating to the one store in Katima are not significant?as it only contributed for 4 months of trading, and has therefore been?included in the overall “Trading consumer goods” segment,” said?Sefalana.?”We are excited about this new venture and look forward to extracting?value from it for our Shareholders. Other potential sites in Namibia?will also be considered for additional store openings as the?opportunities arise,” it added.?Sefalana said the results relating to the one store in Katima are not?significant as it only contributed for 4 months of trading, and has?therefore been included in the overall “Trading consumer goods”?segment.?According to Sefalana’s audited group financial results for The Year?Ended 30 April 2014, the company┬á managed to remain competitive and?has achieved revenues of┬á P2.4 billion and┬á an overall profit before?tax of P156 million .?

This represents a 6 percent growth in profit compared to the?comparative period to 30 April 2013. Profitability has grown over 40?percent in the two years since April 2012, which is over 6 times the?average inflation rate for that period.?Sefalana Cash and Carry Limited (“Sefcash”) contributed 89 percent and?58 percent of the Group’s revenue and profit before tax respectively,?for the financial year.?Sefalana announced that during the year, the group reduced its stake?in its soap manufacturing business which it does not consider to be?core to the Group’s activities. Kgalagadi Soap Industries (Pty)?Limited is now accounted for as an associate company and ceased to be?a subsidiary on 1 May 2013.

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