By Published On: August 31st, 2015Categories: Corporate announcement

In compliance with the requirements of the Securities (Registration of Securities) Rules, 1993, and the listing rules of the Lusaka Stock Exchange, Real Estate Investments Zambia PLC announces the financial results of the Group for the six months ended 30th June 2015. These interim financial results are derived from the Group’s Management Accounts, which have been approved by the Directors, but have not been audited.

Group Performance

The Directors are pleased to present the Interim Results for the period ended 30th June 2015 with a 28% increase in rental income. Profit before other income, finance cost and tax has grown by 38%. With the depreciation of Kwacha during the first half of the year from K6.40/$ at 31st December 2014 to K7.49/$ as at 30th June 2015, an overall devaluation of 17%, the Group has incurred exchange losses of K10.17 million (2014: K6.74 million)…

Corporate Governance

During the period under review, the Board of Directors met and elected Mr. Kenny H. Makala Chairman of the Board to replace Mr. Timothy Mushibwe who died on 25 January 2015…

Interim Dividend

The Directors resolved to pay an interim dividend for the year ending 31st December 2015 of K0.08 per share. The interim dividend will be payable to members registered in the books of the company on close of business on 30th October 2015. Warrants in payment will be posted during the week commencing 2nd November 2015.

The Directors will review the results for the full year and will recommend a final dividend that will take into account the interim dividend paid on those results for approval by Shareholders at the Annual General Meeting (AGM) that will be held before 31st March 2016.

Kenny H. Makala

Sydney E Popota
Company Secretary
31th August 2015

To download a copy of the Group’s 2015 interim results please click on the link below.

The contents of the post above were obtained from third parties, which We, AfricanFinancials, believe to be reliable. However, We do not guarantee their accuracy and the above information may be in condensed form. The reader is encouraged to refer to the original source of the information, which, in most cases, is in PDF format and on the originating company's letterhead. While We endeavour to replicate the original content accurately, We cannot guarantee the absence of errors in the above article and We disclaim any liability regarding reliance on information provided in this article.