Johannesburg - Despite what it calls
a difficult and challenging year, diversified investment holding and investment management company, Thebe Investment Corporation, managed to lift profit after tax from R67m to R225m for
the year ended March.
Revenue for the 12 months grew from R730m to R871m, with total assets under management increasing from
R2.629bn to 3.R193bn.
The return on average equity improved from 8% to 25%.
"For the Thebe Group, the year ending 31 March 2009 was as
difficult and challenging as the economic environment in which its
companies operated. While the financial results of the group show an
overall improvement upon the previous year's results, this occurred
unevenly across the portfolio.
"However, the common thread across the Group has been growth;
either growth in profitability; growth in market share; growth
operating capacity; or growth in strategic vision.
"We believe that this investment in growth will stand the group
in good stead when the economic environment improves," the company
Established in 1992 as the wholly owned investment of Batho Batho
Trust, with a seed capital of R100 000, Thebe has developed a
portfolio of 42 investments, ranging from wholly- owned subsidiaries
to non-controlled investments. The portfolio includes businesses
started by Thebe as greenfield ventures, as well as businesses
acquired either at an early
stage of their development or as mature businesses. Some investments
are listed on the JSE, while most are privately held.
While Batho Batho Trust is still a controlling party with a 52%
shareholding, Sanlam, Absa Capital and Umhlomulo (a company
representing staff) have become shareholders. Batho Batho Trust has
funded numerous programmes, projects and organisations in South
Africa and other SADC countries that are in line with its own charter.
Thebe last released financial results in 2007.
Hitherto, it was the company's policy to announce results only every five years, but it has now decided to henceforth release results annually.
- I-Net Bridge