Africa-Press – Eswatini. The Swazi Empowerment Limited (SEL) recorded a decline in their profits, after tax due to a decrease in earnings per share.
According to SEL audited financial results for the year ended March 2024, the company’s profits after tax dropped from E46 269 000 to E38 166 000. This reflected a decline of at least 17.5 per cent. The company reported that this was also due to lower dividends received from Swazi MTN Limited, increased administrative expenses, mainly consulting fees and interest payable on borrowings used to fund the acquisition of First National Bank of Eswatini Limited shares, offset by a reduced tax charge. The principal activity of the company during the year under review remained that of an investment holding company. The company is one of the nine companies listed on the Eswatini Stock Exchange (ESE).
The company’s investments comprise:
The company’s surplus funds continue to be invested in Money Market type investments with reputable financial institutions. The increase in other comprehensive income was due to the increase in the fair value adjustment to the unlisted investment.On outlook, the performance of the company is expected to remain consistent over the next reporting period. The directors and management of SEL confirmed through the statement their commitment to the principles of openness, integrity and accountability as advocated by sound principles of Corporate Governance contained in the King Reports.In a recent announcement, Swazi Empowerment Limited (SEL) declared an interim dividend totalling E18 315 000, equivalent to 99 cents per share.
For More News And Analysis About Eswatini Follow Africa-Press
