Africa-Press – Eswatini. The Swazi Empowerment Limited (SEL) Board of directors is confident that the investment held at Swaziland Building Society (SBS) will generate good returns.
This was shared by SEL Board Chairperson Jethro Ndlangamandla, during the company’s annual general meeting (AGM) held last Friday. The company has an investment at SBS worth E16.25 million permanent shares with an interest rate of 3.8 per cent per annum. Ndlangamandla also highlighted that the company’s other investments were held at MTN Eswatini amounting to E527 million, FINCORP bonds worth E20 million with an interest rate of 10.5 per cent. The company also has two bonds at Select Limited worth E20 million and E40 million with interest rates of 10.5 million and 11.5 million respectively.
Noting
SEL had also invested at STANLIB Swaziland where E12 million investments were held at an interest rate of 5.56 per cent per annum. It was worth noting that at least the company’s bonds at FINCORP and Select were set to mature in the first quarter of 2024. (SEL) profits for the financial year 2022/2023 which ended in March 31, 2023 dropped by at least 66.7 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 which was less than the E62 290 from the previous year.
Remained
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. The company’s total equity and liabilities were reported to have reached E666 264 in the year ended March 31, 2023.
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