The Board of Directors of Zanaco Plc (“the Board”) wishes to advise the Shareholders that for the period ending 30th June 2019, the basic earnings per share is expected to be 29% lower than that of the corresponding period last year for the Company.
This reduction is due to the decrease in profit after tax for the period mainly on account of additional impairments taken in the year in compliance with IFRS 9 requirements. The increase in impairments are driven by growth in the loan book as well as the continued clean-up of the loan book to allow for allocation of capital to new revenue generating assets.
The Company expects its results for the half-year ended 30 June 2019 to be released on SENS and published in the local press on or about 30th September 2019. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until publication of the results.
By Order of the Board
Kaluba Gloria Kaulung’ombe-Inampasa
Issued in Lusaka, Zambia on 26 September 2019
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First Issued on 26 September 2019