Real Africa Holdings (RAH) almost tripled its headline earnings per share for the six months to end-September, helped partly by a special dividend from one of its investments.
<B>Salient figures</B>
Real Africa Holdings results for the year to 30 September 2002.
Previous year`s figures in parentheses:
Equity accounted earnings: R29.6 million (R22.07m)
Operating income: R55.55m (R10.51m)
Net interest income: R46.74m (R17.28m)
Profit before tax: R17.26m (-R253.84m)
Net profit after tax: R2.03m (-R258.04m)
Attributable earnings: -R0.5m (-R261.32)
HEPS: 27.8c (9.5c)
Cash resources: R870.94m (R342.58m)
Net current assets: -R16.11m (R23.41m)
Value per share: 508c (525c)
The group, which invests in IT, financial services, food and healthcare, increased equity accounted earnings by 34.1% to R29.6 million while operating income soared from R10.51 million to R55.55 million.
Headline earnings rose from R35.6 million or 9.5c a share to R67.8 million or 27.8c a share.
Included in the figure is a special dividend of about R20 million from PSG Investment Bank.
Executive chairman Don Ncube says group net capital losses of R100.21 million (2001: R291.76 million) include RAH`s attributable share of the mark-to-market adjustment as at the year-end in respect of the shares held in Dimension Data of R106 million.
"Notwithstanding this adjustment, the value per share increased from 503c at 18 June 2002 to 508c per share at 15 November 2002."
He points out that the balance sheet is ungeared, with cash resources of more than R870 million.
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