Masawara has published its final results for the year that ended 31 December 2014. During the period, shareholders’ equity rose by 16.5% to $84.6m. This $12m increase offsets the $9.6m fall that the company suffered during 2013. The company says that key contributors to this were the disposal of Masawara Energy Mauritius Limited at the beginning of 2014 (recording a $6.2m profit on disposal), and the acquisition of an additional 34.7% shareholding in TA Holdings Limited towards the end of the year (taking the overall holding to 75.74% and recording a purchase gain of $10m). Subsequent to the year end, the group acquired the remaining 24.26% of the company and now owns 100%.
The managers say that the business environment in Zimbabwe remains difficult, but that the majority of the Group’s investments in Zimbabwe are performing well and are maintaining and, in some cases, improving their market positions. they also say that the groups other regional investments continue to be profitable.
MASA : Masawara posts 16.5% increase in equity during 2014