Africa-Press – Eswatini. The Swazi Empowerment Limited (SEL) has declared an income growth of 6.8 per cent for the year.
The entity declared a total comprehensive income of E61 585 000 for the year, which is E3 914 000 more than it made, in the previous year, as revealed in its reviewed interim results, for the six-month period which ended September 30, 2023. SEL is an investment holding company, engaged in financial intermediation. The company offers a range of products and services to private, commercial and corporate companies, that range from personal and business checking to savings plans, home banking and lending options. The entity revealed that the principal activity of the company, during the year under review, remained that of an investment holding company.
Comprise
The company’s investments comprise of a 19 per cent entity stake in Swazi MTN Limited, Select Limited Bonds, Eswatini Development Finance Corporation Bond and Swaziland Building Society permanent shares. According to the entity’s statement of income, the entity has declared total assets of E703 million and they include trade and receivables of E3 million, short-term investments of E86.9 million and cash equivalents of 13.9 million. The assets also depicts a growth of E18 445 000 from the previous year.
Ordinary shareholders funds grew by E18 393 000, as they stood at E702 227 000, compared to the E683 829 000 in the previous year.
The statement stipulates that ruling market price for the company’s shares at the end of the period, was E38.00 (E 37.00) and the market capitalisation of the company stands at E703 million (E684.5 million).
“Subsequent to the period end, the Company acquired 4.92 per cent of the issued share capital of First National Bank of Eswatini Limited, a company listed on the Eswatini Stock Exchange. The interim financial information has been drawn up, under the recognition and measurement criteria, using International Financial Reporting Standards,” reads the statement.
Revealed
It was revealed that, the interim financial information for the six months which ended September 30, 2023 had been reviewed, but not audited, by SNG Grant Thornton Chartered Accountants (Eswatini).
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