AEEI’s profits soar 53%
THE company African Equity Empowerment Investments (AEEI) announced stellar yearend results.
Among the highlights for the group was a 12% increase in revenue from R672 million to R752m, while operating profits increased 53% from R186m to R285m. This translated to an increased earnings per share of 43% from 31.2 cents to 44.09c.
AEEI also increased its total asset base by 26% from R1.345 billion to R1.691bn.
The company’s group chief executive, Khalid Abdulla, said: “The 2016 financial year was filled with global and local challenges across all fronts – political, economic and social – but we buckled down, remaining singularly focused on reaching our pre-identified goals”.
Earlier this month, AEEI was ranked 10th among the Financial Mail’s Top 20 overall performing companies on the Johannesburg Stock Exchange for 2016.
Last year, the magazine lauded Abdulla as one of the best performing chief executives in South Africa, salvaging the former Sekunjalo Investments from the lows of the early 2000s to turning around the company to be one of the JSE’s stellar performers when it came to return on investment.
The company said its food and fishing division surpassed expectations by increasing its sales volumes. This was evident in the food and fishing division’s significant growth in revenue of 15% from R349m to R401m and operating profit increasing to R75m, compared to the prior year’s R68m. The group’s technology division’s revenue stood at R215m, which is in line with their budget.
AEEI was preparing to separately list its food and fishing as well as its technology divisions in future. – Staff Writer