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Shumba Energy posts first ever profit

patriot by patriot
November 21, 2020
in Business
237 15
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Shumba Energy posts first ever profit

Mashale Phumaphi

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Makes Profit of P26.6m 

Due to the outbreak of the COVID-19 pandemic and the subsequent lockdowns in both Botswana and South Africa, coal trading business was only able to operate for 9 months out of the year. Prior to April 2020 the trading business was on track to grow by 15% year on year, however due to the effects of the pandemic we have instead seen a 15.6% decline in income from the business. Further to this, the current year gross profit margin improved to 19.25% from 8.5% in the previous year. This is due to the continuing operational improvements made as the company continues to build its competencies and skills in the trading business. The Directors believe the business unit continues to show improvement in its revenue generating capabilities.

Operating Costs

Operating costs were reduced by 14% from the prior year. This is the result of the Board’s decision to implement cost cutting measures as a response to the COVID-19 pandemic. The Directors continue to ensure that the impact of COVID on the group operations is minimized as much as possible whilst prioritizing the jobs of employees.

Joint Ventures

During the period the Group was contractually due to receive in excess of P68 million in cash from its partners however these payments were defaulted upon with the effects of COVID 19 being provided as a reason. The Group is currently carrying out processes that will lead to it recovering owed amounts.

“We as a Group are pleased to have posted a profit for the first time in our 10-year history of operations. This is an indication to our shareholders that our strategy of investing in, developing and monetizing energy assets in Botswana is beginning to bear fruit. Was it not for the effects of COVID19 the results would have been significantly better as our liquidity position has been negatively impacted by the default of our partners and our inability to service our clients for 3 months due to the lock-down. We will continue to invest in sustainable energy assets with particular focus on growing the trading business, developing our fuels refinery and fast tracking our solar energy projects into operation. We will also continue to where possible support the communities where we operate in the fight against COVID-19.” – Mashale Phumaphi Group CEO

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  • Makwinja caught in Minergy saga   June 30, 2022
    Her husband –Leonard, is a Board Member at Minergy Coal ‘She is conflicted, hence she is failing to resolve our disputes with the company’ – Farmers ‘It’s an attempt to score cheap political points’ –Makwinja Minergy Coal proposes a […]
  • CA Sales lists on the JSEJune 29, 2022
    african-markets.com The JSE, Africa’s largest stock exchange, has listed CA Sales Holdings Limited on its main board providing South African investors with exposure in the fast-moving consumer goods (FMCG) company with a footprint in several Southern African countries. CA […]
  • BBS launches insurance agencyJune 28, 2022
    BBS Limited is pleased to inform its current and potential customers as well as stakeholders that it has launched an insurance agency called BBS Insurance Agency Limited; whose purpose is to provide insurance agency services and bespoke insurance products […]
  • MANTSWE JOINS TURNSTAR BOARDJune 28, 2022
    Turnstar Holdings Ltd, is pleased to announce the appointment of Mr Solomon Seoketsi Mantswe, to the Board of Directors, with effect from 1st July 2022. He brings over 30 years’ experience in the public service. He was appointed Deputy […]
  • ONGOING UKRAINE-RUSSIA WAR REMAINS A MAJOR RISK IN ECONOMIC RECOVERY EFFORTS – Minister Serame June 28, 2022
    . as there is continued surge in food prices and other commodities I take this opportunity on behalf of the Government and the people of Botswana to warmly welcome you all to Gaborone and to this 47th Meeting of […]
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