Strong contributions from cellular network operator Vodacom and free-to-air broadcaster e.tv have boosted VenFin`s profits for the six months to December.
VenFin`s headline earnings for the half-year to end-December rose by 9.1% to R406 million from R372 million for the same period a year earlier. But, because of a share purchase, headline earnings per share were up by 21.7% from an adjusted 75c to 91.3c.
CEO Dillie Malherbe says the headline earnings increase is mainly because of a 41.6% increase in equity accounted earnings from Vodacom, from R233 million to R330 million. This, he says, is thanks to steady growth in Vodacom`s interim earnings on the back of a bigger subscriber base.
Sabido (e.tv) also had an impact on VenFin`s headline earnings, with its contribution rising from R13 million to R31 million.
VenFin has a 15% stake in Vodacom and owns 33% of e.tv.
VenFin`s net profit rose from R121 million to R335 million on an increase in revenue from R80 million to R137 million. Net asset value per share, at market value and directors` valuation of investments, rose from R26.11 to R38.81 per share.
The group has investments in telecommunications, media, technology, financial risk and services and venture capital funds, among others. Investments include Psitek, Dimension Data, Idion, FrontRange and Intervid.
The VenFin share closed at R25.80 on the JSE yesterday, up 5c or 0.2% from the previous close.
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