Despite registering a 1.2 loss in total assets for the year ended December 2017, Afinitas Limited Directors believe the company is in a strong financial position and projected a good year ahead. Afinitas is an Africa focused asset Management Company that was established to pursue investment opportunities in Africa, with a strong focus on Africa’s growing financial services sector.
The Group is listed on the Botswana Stock Exchange and is also accredited to the Botswana International Financial Services Center (IFSC). The company remains positive of its two recent investments. A considerable part of 2017, the directors say, was focused on the creation of the correct operational structures for the various businesses to provide them with a platform to grow strongly in the future.
They noted the forecast included the development and implementation of new systems, which included processes, legal entities, and most importantly the employment of top quality teams based in various locations in Africa.
The management explained that to a large extent, that stage was now concluded and they were now looking forward to the investee companies moving from establishment to revenue generation in future. As a result revenue of $457 million during 2017 is likely to increase at a more rapid pace now that the various investee companies are established. Afinitas’ main source of revenue derived from Africa Events Limited. AFSIC continued to show strong growth in delegate numbers and revenue as it develops into one of the most important Africa investment events globally.
Even with this, Afinitas has explained that it is at the building stage of growing its various business interests. They further explained that the stage involves considerable upfront investment, and in common with many start-up companies its costs of $1.9 million have exceeded revenue.
Afinitas Group has through its financial results confirmed a successful year of investments for the period ended 31 December 2017 with investee companies, Adventis Limited, Ethiopia Investments Limited which were in 2016 reported to have been allocated $ 5 million. Africa Events Limited is also reported to have been laying down the foundations for potentially strong revenue growth in the future…
Read the complete article: Money Smells