Africa-Press – Eswatini. The Eswatini National Provident Fund (ENPF) recently released its annual report for the year ended June 30, 2023, highlighting a healthy 85.9 per cent year-on-year increase in investment income from E319.8 million in 2022 to reach E594.6 million in 2023.
This increase in investment income comes after the payment of investment management fees.
This led to the Fund’s overall performance in 2023 being favourable compared to the previous year.
As such, the operating surplus for the year was E446.4 million,” said ENPF.
The fund further reported their achievement of a surplus of E446.4 million, a substantial increase from E192.8 million in 2022.
Total assets exceeded total liabilities by E144.2 million, indicating a healthy financial position.
“Management has a reasonable expectation that the Fund has adequate resources to continue in operation existence for the foreseeable future,” said ENPF.
Total member contributions during the period under review amounted to E452.9 million.
During the period under review, ENPF reported to have acquired a 22.5 per cent stake in Unifoods, a local milling and pre-packing company.
The Fund also invested E57.7 million in convertible preference shares of Eswatini Mobile.
ENPF’s investment strategy prioritises a net real Emalangeni return of inflation plus five per cent over a three-year rolling period.
The Fund utilises a diversified investment approach with 67 per cent of assets allocated locally and 33 per cent held offshore.
The Fund implements its investment strategy largely through a mule manager arrangement.
“Board members have appointed seven asset managers on full discretionary mandates for local, regional and offshore investments. As at year end, 67 per cent of the investments were held locally and 33 per cent held offshore,” reports ENPF.
For More News And Analysis About Eswatini Follow Africa-Press
