Bidvest misses in Namibia

File picture: Free Images

File picture: Free Images

Published Feb 27, 2017

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Johannesburg –

Bidvest Group’s Namibian business profits nosedived by 80.6 percent for the six

months ended December.

The

listed company says this is due to reduced fishing quotas in Namibia.

 It

says, in its results commentary, that it’s trading profit in the country

declined by 86 percent to R23 million.

“Profits driven down due to lack of fishing quota

allocations – horse mackerel quotas insufficient to fully utilise catching

capacity, despite the sale of two vessels.”

Last

year, Namibia’s government amended its Fisheries Act to give

meaning to the earlier act through weighting and scoring specific criteria of

allocating quotas to right holders.

Meanwhile,

the company’s South Africa operations performed well in the period buoyed good

performance from its services business.

The

group’s services arm accounted for 27 percent of the group’s total trading

profit in the period.

Read also:  Bidvest can tap R13bn for deals

The

company says its total trading profit increased by 3.2 percent to R2.8 billion

as revenue went up 4.1 percent to R36 billion.

Bidvest’s

earnings per share went up 39.6 percent, while headline earnings increased by

5.6 percent, with headline earnings per share going up 4.4 percent.

Headline earnings per share are seen as a key indicator

of financial performance as they strip out once-off and unusual items.

The company declared an interim dividend of R2.27 per

share.

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