Business
Unaudited results for period ended 31 August 2023
Unaudited results for period ended 31 August 2023.
About this update from Inqo Investments Ltd
[{"type":"text","content":"\n\nInqo Investments Limited\n \nUnaudited Group Results for the period ended 31 August 2023\n \n\nCHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT\n\n \nInqo Investments Limited (\"Inqo\" or \"the Group\") is a South African based social impact company that invests in businesses that tackle poverty and environmental challenges in Sub-Saharan Africa.\n \n\nCOMMENTARY\n\n \nThe Group remains in a strong financial position with total assets of R285,367,338 and minimal debt.\n \nThe funds that the Company received from Belmont University in the latter part of the 2022/3 financial year and the new shareholder funds received in the early part of the current 2023/4 financial year will be used to develop Inqo's Conservation and Rural Enterprise (CARE) project that will invest in businesses that tackle social and environmental issues in and around the Budongo Forest in Uganda. The first investment of the CARE project is an eco-lodge that will help create jobs, generate value from conservation for local communities and fund reforestation in the local area. Plans for the lodge have been approved and construction will begin in the third quarter of 2023.\n \nLike businesses around the world, the Group has been heavily impacted by the Covid-19 pandemic with reduced earnings and implementation of cost saving measures. The severity of the impact and corresponding speed of recovery has varied across investee companies. Despite the challenges being faced, the directors of the Company have assessed the Company and its subsidiaries and agree that the operating units will continue as a going concern.\n \nThe results for the period under review showed revenue of R7,366,899 (August 2022: R3,389,258) with a profit after tax of R57,444,000 (August 2022: loss of R4,327,761). The primary reason for the profit before tax position is due to the grant income recognised between 1 September 2022 and 31 August 2023 for the cost of planting Spekboom cuttings on the property through the Reforest Action carbon credit contract.\n \nThe profit for the period is reported after accounting for the following income and cost items:\n\n\n\n\n\n\n\nAugust 2023\n\n\nAugust 2022\n\n\n\n\nIncome earned:\nIncluded in other income is donation received for the cost of planting Spekboom cuttings on the property in terms of the Reforest Action...