18th Sep 2018 15:25
LONDON (Alliance News) - Investment company Cambria Africa PLC on Tuesday said its core subsidiary's profit increased in the past twelve months as the company acquired a beneficial interest in Radar Holdings Ltd.
For the year ending August, Cambria's Payserv subsidiary revenue rose by 19% to USD7.6 million from USD6.4 million. Payserv's pretax profit, after minorities and restructuring costs, increased 37% to USD2.6 million from USD1.9 million.
The subsidiary increased its transaction volumes by 14% to 27.7 million in the financial year.
Cambria's Millchem Zimbabwe subsidiary's revenue decreased 14% to USD1.9 million from USD2.2 million but swung to a pretax profit of USD243,000 from a USD221,000 loss the year before.
Cambria also acquired a 7.8% interest in brick manufacturer & seller Radar Holdings for USD1.6 million.
The acquisition was facilitated through a Cambria subsidiary Paynet Zimbabwe Ltd subscribing for 63% of the shares in AF Phillips Ltd. AF Phillips owns a 16% interest in Hinshaw Ltd, which holds a 80% interest in Radar.
As a result, Paynet will be entitled to nominate a director to the board of Radar and Hinshaw.
Newly-acquired Radar's most recent interim results, for the six month period to the end of 2017, showed net asset value of USD31.5 million, revenue of USD3.3 million and profit after tax of USD391,000.
Shares in Cambria Africa were up 4.2% Tuesday at 1.07 pence each.
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