Investment company VenFin`s headline earnings increased to R372 million in the six months to December, compared with R302 million for the same period a year earlier.
However, headline earnings per share rose by an even greater margin, from 58.7c to 73.9c, which CEO Dillie Malherbe says reflects the positive effect of a share repurchase programme.
The main contributor to earnings during the period was the 15% stake in cellular network provider Vodacom, which contributed about 63% to group headline earnings.
"The increase in equity accounted earnings from Vodacom, from R165 million to R233 million, is due to the additional 1.5% interest purchased in Vodacom as well as the steady growth in Vodacom`s interim earnings," says Malherbe.
Free-to-air broadcaster e-tv, in which the group also has an investment, turned profitable, contributing R13 million to VenFin`s headline earnings, compared with a loss of R17 million a year before.
During the period VenFin also invested R19 million in JSE-listed FrontRange, with the group holding a 6.9% stake by the end of December.
VenFin announced recently that it had acquired, subject to competition commission approval, a controlling stake in Intervid. Should the deal be approved, VenFin will make a mandatory offer to buy the holdings of Intervid`s minority shareholders.
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