Business
Unaudited results for period ended 31 August 2024
Unaudited results for period ended 31 August 2024.
About this update from Inqo Investments Ltd
[{"type":"text","content":"Inqo Investments Limited\n \nUnaudited Group Results for the half-year period ended 31 August 2024\n \nCHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT\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\nCOMMENTARY\nThe Group remains in a strong financial position with total assets of R234,859,780 and minimal debt.\nThe results for the half-year period under review showed revenue of R8,199,813 (August 2023: R7,366,899). The hospitality and tourism industry is characterised by seasonal fluctuations, with the interim period aligning with the off-peak season, which historically results in lower occupancy rates and revenue. The Group generates 80% of its revenue from the hospitality and tourism sector. The Group earned a profit after tax of R532,516 (August 2023: loss after tax R4,069,070).\nIn April 2024, the company issued 1,854,646 new ordinary shares, raising gross capital of R 29,984,428. This includes the conversion of two credit loan notes of USD 1,000,000 and R 2,000,000 respectively into equity by the lenders exercising their conversion rights.\nIn 2023, Inqo was awarded a US$4 million grant over three years to fund its Conservation and Rural Enterprise (CARE) project in Uganda. To date, Inqo has received US$3 million of this grant. During the period, the Group formalised three CARE investments in Uganda, namely Flybox Budongo (BSF) Farm Limited, Pabidi Lodge Budongo Limited and Empower Clean Cooking Limited. In the current period, grant funding utilised amounted to R5,143,989 (August 2023: Rnil).\nWhilst there has been no change in the company's shareholding in Spekboom Trading (Pty) Limited, a shift in the voting rights has occurred. As a result, the company has ceased consolidation and now recognises the investment under the equity method.\n\nFINANCIAL INFORMATION\nThe financial information set out in this announcement does not constitute statutory financial statements. This financial information has been extracted from Inqo's unaudited group financial statements for the half-year period ended 31 August 2024.\n \nFINANCIAL RESULTS\nThe unaudited financial results for the half-year period ended 31 August 2024 are as follows:\n\n\n\n\n \n\n\nAug-24\n\n\nAug...