Brainworks revenues rise in maiden results
Diversified investment holding company Brainworks has reported a 22 percent increase in revenue, to $58.6 million.
Diversified investment holding company Brainworks reported a 22 percent increase in revenue, to $58.6 million (R693 million), as compared to $48.1 million reported last year, in its first annual results covering the year ending December 2017.
Headquartered in Mauritius, Brainworks listed on the JSE last year. It has an exclusive focus on Zimbabwe and invests in assets that are consumer-facing and cash-generative in a bid to build a portfolio that will deliver capital growth. It currently holds prominent Zimbabwe-based assets in hospitality, real estate and financial services logistics.
Hospitality was the star performer, contributing 88 percent of the total revenues for the year under review, but growth was experienced across the other operating segments as well. Headline loss a share was 14.22 US cents and the group did not declare a dividend.
Brainworks said an improved political environment in Zimbabwe boded well for the company in the future, with amenable developments seeing investors regain an interest in the country and particularly its hospitality sector. The Group said:
“Following the political developments towards the end of 2017, the new government has declared that “Zimbabwe is open for business”, and that broad theme has been well received by the business community in general, and international investors in particular."
Brainworks CFO Peter Saungweme has vast external audit experience in the banking, insurance, tourism and power generation sectors. The chartered accountant worked for both KPMG Zimbabwe and KPMG Namibia and has served as the financial controller of Ecobank Zimbabwe and CFO of Cell Holdings.