Africa-Press – Eswatini. Swazi Empowerment Limited (SEL) profits for the financial year 2022/2023, which ended in March 31, 2023, dropped by at least 33.3 per cent when compared to the previous financial year.
According to the financials compiled by SNG Thornton Chartered Accountants (Eswatini), the company made a profit of E46 269 000 after tax. Such profits were less by E23 142 000, when compared to the E69 411 000 made in the financial year 2021/2022. The entity’s revenue also showed a decrease as there were at E40 567 000 which was less than the E62 290 000 from the previous year.
According to the commentary on the statement, the principal activity of the company during the year under review remained that of an investment holding company. It was reported that the decrease in profit before tax, due to lower dividends received from Swazi MTN Limited, resulted in the decrease in earnings per share and dividends per share. SEL Board Secretary Makhosazane Mhlanga mentioned that the increase in comprehensive income was due to the increase in the fair value adjustment to the unlisted investment. She also stated that the company’s investments comprise a 19 per cent equity stake in Swazi MTN Limited, Select Bonds (SML 807 and 815) and Eswatini Development Finance Corporation secretary. Bond FIN307 and Swaziland Building Society permanent shares.
Valued
Looking at the financial position of the company, its total assets were valued at E666 264. The company’s total equity and liabilities were reported to have reached E666 264 in the year ended March 31, 2023. Mhlanga mentioned that the performance of the company was expected to remain consistent over the next reporting period. “The directors and management of Swazi Empowerment Limited confirm their commitment to the principles of openness, integrity, and accountability as advocated by sound principles of Corporate Governance contained in the King Reports,” she said. She further revealed that the annual general meeting of members of Swazi Empowerment Limited will be held at The Royal Villas in Ezulwini on October 27th 2023.
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