27th Nov 2024 13:51
(Alliance News) - Inqo Investments Ltd on Wednesday reported a swing to profit from loss and higher revenue due to an increase in grant funding.
Inqo Investments is a South Africa-based social impact company that invests in businesses that tackle poverty and environmental challenges in sub-Saharan Africa.
Inqo swung to a pretax profit of ZAR1.3 million, about GBP56,899, in the six months to the end of August from a loss of ZAR4.3 million a year before, as revenue increased by 11% to ZAR8.2 million from ZAR7.4 million.
It received ZAR5.1 million in grant funding in the half-year. To date, Inqo has received 75% of a USD4 million grant to fund its conservation and rural enterprise project in Uganda. Inqo did not receive any grant funding in the same period last year.
After tax, profit was ZAR532,516, swung from a loss of ZAR4.1 million a year before.
The company noted it generates 80% of its revenue from the hospitality and tourism sector. The half-year period aligns with the off-peak season, which historically results in lower occupation rates and revenue.
Inqo was last traded at 66.50 pence on AQSE in London in July. It has a GBP10.9 million market capitalisation.
By Michael Hennessey, Alliance News reporter
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