The investment holding company’s increase in profit after tax is due to increased dividends received from Swazi MTN Limited.
By Ntokozo Nkambule
Swazi Empowerment Limited (SEL) has recorded a profit of E69 411 million profit for the year ended 31 March 2022.
SEL is an investment holding company listed on the Eswatini Stock Exchange (SEL) and holds a 19% stake in Swazi MTN Limited. The investment company noted that the increase in profit after tax is due to increased dividends received from Swazi MTN Limited, resulting in an increase in earnings per share and dividends per share.
Apart from the Swazi MTN Limited stake, there were other investment activities undertaken by the company. “The principal activity of the Company during the year under review remained that of an investment holding company. The company’s investments comprise a 19% equity stake in Swazi MTN Limited. Select Bonds (SML 807 and 815), Eswatini Development Finance Corporation Bond FIN307, Swaziland Building Society Permanent Shares”
It is worth noting that the company’s profit shows an increase compared to the 2021 financial year when it recorded a profit of E59 560. There was, however, a decrease in comprehensive income due to a decrease in the fair value adjustment of the unlisted investment.
In terms of outlook, the performance of the company is expected to remain consistent over the next reporting period. SEL also notes that they will continue investing surplus funds in money market-type investments with reputable investments.
The financial statements for the year ended 31 March 2022 for SEL were audited by SNG Grant Thornton Chartered Accountants (Eswatini).