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Afinitas directors upbeat

patriot by patriot
February 8, 2021
in Business
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Afinitas directors upbeat
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Afinitas’ directors are expecting revenue growth to continue to be strong in future years with costs contained at a lower level.

This is after reporting strong results that saw revenue increasing by 64% in USD from $683k to $1.12m compared to the previous period the previous year. Operating expenses increased by 11% in USD from $1.23m to $1.36m. The loss for the 6 month period reduced by 69% to $159k compared to a loss of $507k in the same period in the prior year. The group, with $4.67m in cash, saw other financial assets increasing by $594k since 31st December 2018. The majority of the increase is due to an additional investment of $362k in the Adventis Africa Equity Strategy.

The operating entities within the Afinitas Group comprise Africa Events Limited, Adventis Limited, and Ethiopia Investments Limited. In addition, Afinitas holds a 9.6% stake in Icecap Trust Holdings Limited. Adventis Limited (Adventis), a 66% owned specialist investment management company focusing on the African continent. Adventis’ investment team includes some of the most experienced and successful investment managers in Africa.  The company is looking to offer pan African equity and income funds to investors interested in increasing their exposure to Africa, one of the fastest growing parts of the world economically. Our belief is that African debt and equity products are looking increasingly attractive from both a valuation and risk perspective relative to alternative investments in the developed world.

During the period under review the company decided not to progress with the niche Africa Financial Sector Deepening Fund due to a lack of interest in local currency investment. The management will continue to focus on growing the Adventis Africa Enhanced Income Strategy and the Adventis Africa Equity Strategy. Africa Events Limited (AEL), a 50% owned event management company focused on promoting trade and investment into and with Africa. AEL hosted the 7th “AFSIC – Investing in Africa” conference in London in May 2019. AFSIC is rapidly becoming one of the most important Africa trade and investment events globally and has become a major conduit of investment into Africa. It attracts many of the continent’s most important investors, dealmakers and corporate leaders. AFSIC 2019 showed strong growth in delegate numbers and revenue. Planning for AFSIC 2020 has started and management believes that the event will continue to grow in importance within the Africa investment universe. Ethiopia Investments Limited (EIL), owns 90% of EQOS Services (EQOS) which is the first foreign owned Business Process Outsourcing (BPO) company in Ethiopia. Ethiopia is an attractive destination for BPO as it has a talented pool of educated, motivated and skilled youth. EQOS is still in the early stages of development but has established a suite of both international and local clients for whom it is undertaking outsourced IT services.

Icecap Trust Holdings Limited (Icecap). Afinitas has a 9.6% stake in Icecap, a company based in Jersey that provides trust, company and administration services. The company is in the early stages of development and is progressing well. Icecap continues to win mandates and is actively discussing the provision of services with a number of additional parties.

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  • TDR 1000 returns February 3, 2023
    The Dakar Rally, considered as one of the toughest in many years, is now something of the past and South African Rally-Raid competitors proved their talent while local race vehicle manufacturers and constructors showed their worth and returned from […]
  • Orange splashes P15.4m on FA CupFebruary 3, 2023
    NANCY RAMOKHUA editors@thepatriot.co.bw Orange Botswana through the Orange FA Cup has renewed its sponsorship with Botswana Football Association (BFA) for an additional three seasons valued at P5 138 000 00, an investment increase of 17%. The renewed collaboration will […]
  • Sefalana posts P4.9 billion revenueFebruary 2, 2023
    BAKANG TIRO editors@thepatriot.co.bw Diversified retail giant Sefalana has posted impressive set of results for the half year period ended 30 October, with the company recording P4.5 billion in total revenue. Botswana Stock Exchange (BSE) listed home grown retailer released […]
  • BSB lists P1 billion bondFebruary 2, 2023
    NANCY RAMOKHUA editors@thepatriot.co.bw Botswana Savings Bank (BSB) has listed a bond worth P1 billion with the Botswana Stock Exchange (BSE). The bond note programme will give BSB access to capital and provide alternative funding, reducing dependency on short- term […]
  • Botswana, OPEC seal P1.2 billion loan dealFebruary 2, 2023
    BAKANG TIRO editors@thepatriot.co.bw The Minister of Finance Peggy Serame is highly confident that the P1.2 billion loan that Botswana has secured from the Organisation of Petroleum Exporting Countries Fund for the International Development Fund (OPEC) will boost the country’s […]
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