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AfricaMoney | August 23, 2017

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Bramer Bank sees best profit growth among published firm results for first half

Bramer Bank sees best profit growth among published firm results for first half

The firms which have seen the highest rise in profitability, among those that are listed on the Stock Exchange of Mauritius and have published their results for the first six months of 2014, are Bramer Bank, Mauritius Freeport Development, Lottotech, Vivo Energy, and Anglo-Mauritius Assurance, in that order. (Image: Invest with Africa)

Among all the companies whose financial statements have been published on the exchange for the half-year ending June 2014, Bramer Bank has realised the best semester growth on the profitability front, followed by Mauritius Freeport Development, Lottotech, Vivo Energy, and Anglo-Mauritius Assurance, in that order.

For the first semester of 2014, Bramer Bank’s net profit, which was Rs 10.52 million last year, hit Rs 40.11 million in the first semester 2014, a towering increase of 281.32%

Also, on the revenue front, the bank’s net interest income for the period amounted to Rs 313.96 million compared to Rs 149.24 million for the corresponding period of last year, representing a whopping rise of 110.4%.

Besides, the deposit and net loans and advances portfolio of the bank stood at Rs 12.2 billion and Rs 9.1 billion as at 30 June 2014, representing an increase of respectively 13.6% and 21.5% as compared to 30 June 2013.

Coming to the second fastest growing firm among those listed on the Stock Exchange of Mauritius, Mauritius Freeport Development saw profits for the half year reach Rs 34.1 million compared to Rs 12.2 million in the corresponding period of 2013, representing an increase of 179.5%.

Meanwhile, the firm’s revenue reached Rs 329.6 million in the half year to June 2014 compared to Rs 278.6 million in the first semester of 2013, representing an increase of 18.3%.

Fortune favours the bold and this is certainly true for the third placed corporate among the fastest growing firms in the first six months this year.

After its successful entry on the Stock Exchange of Mauritius (SEM) last quarter, Lottotech ended its first semester of being a listed entity with a net profit of Rs 113.5 million, an increase of 136.3% compared to the corresponding period in 2013.

Also, the gaming major, which runs the National Lottery of Mauritius, saw half year revenues rise 28% to Rs 1.58 billion against Rs 1.24 billion a year-ago.

During this period, the jackpot reached Rs 120 million for the first time and Loto established new sales records on a weekly, monthly and quarterly basis.

Coming to the next candidate, it has been an energized performance so far this year for Vivo energy. The energy major ranks fourth with a profit after tax of Rs 119.8 million in the first semester of this year, compared to Rs 98.2 million for the year-ago period, representing an increase of 22%.

The company’s turnover witnessed a slight increase as well, crossing Rs 6.37 billion to hit Rs 6.43 billion. Furthermore, the company announced the construction of 15,000 metric tons depot at Mer Rouge under the oil industry consortium and is targeting a deadline of September 2015.

Finally, the financial services sector was once again represented after top-ranked Bramer Bank, with insurance major Anglo-Mauritius Assurance Society Limited registering a profit after tax of Rs 997.01 million for the first half of 2014 while the corresponding period last year yielded post-tax profits of Rs 910.93 million, an increase of 9.45%.

Besides, the company’s turnover was Rs 1.28 billion last year and increased marginally by 0.78% to reach Rs 1.29 billion in the first semester of 2014.

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