Company Data
| Last traded |
R150.00 |
| Change |
R0.00 |
| % Change |
0.00% |
| Cumulative volume |
1.30m |
| Market cap |
R107.73bn |
| Last traded |
R28.60 |
| Change |
R0.45 |
| % Change |
1.60% |
| Cumulative volume |
2.84m |
| Market cap |
R29.81bn |
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Johannesburg - Investment holding company Mvelaphanda Group [JSE:MCG] has reported an eleven-times profit growth on the back of higher equity prices in the interim period to December.
The R522m net profit (R46m in December 2008) came on the back of sluggish revenue growth of only 1% to R1.9bn.
A 412% increase in the value of Mvela's listed equity investments brought in an increase of R544m to the income statement, against R106m in the previious corresponding period. Those were mainly its minority stakes in banking group Absa [JSE:ASA], construction company Group Five [JSE:GBF] and hospital chain Life Healthcare [JSE:LHC].
The upward share valuations lifted Mvela's net asset value to 932c/share, up from 736c.
Together with the rising equity prices, Mvela's cash pile increased 4% to R558m in the period. The company maintained its interim preference dividend at 27.5c.
The star of Mvela's show was its operating entity, Mvelaserve, which increased its revenue 10% to R1.9bn. The company also has a new management structure, separate from the holding group. Group chief executive Yolanda Cuba said that move "has definitely paid-off".
The company is in the process or re-organising itself, having promised to shed off some of its assets in a value-unlocking exercise that may see other assets be sold-off or listed separately within the next three years.
The only one asset that can be listed separately is Life Healthcare, in which Mvela owns 22% with a gross value of R2.2bn. Mvelaserve and Absa are worth another R2.4bn.
- Fin24.com