Interim profit up 124% to R60.1m

JSE-LISTED Capital Appreciation reported a 124 percent jump in profit to R60.1 million for the six months to September, boosted by three acquisitions made in May. The investment holding company, which focuses on investing in and developing financial technology, declared a maiden dividend of 2 cents a share. The group reported revenue of R223.4m, up 462.72 percent compared with R39.7m last year. Earnings per share (Eps) and headline earnings per share (Heps) came in at 4.02c a share, reflecting an increase of 87 percent compared with last year’s Eps and Heps of 2.15c. “The performance statistics set out above are consistent with the results assessed through Capital Appreciation’s due diligence review when the viable asset acquisitions were considered,” the group said. Earnings before interest, tax, depreciation and amortisation were R85.6m, up from R37.4m including investment income of R19.6m. The group has R463.1m cash on hand and it generated R60.2m in cash during the period. The three acquisitions made in May were African Resonance, Dashpay and Synthesis Software Technologies. The group announced its intention to invest in Resonance Australia and acquired a 17.45 percent interest in the Australian company.