MASIMBA
Civil engineering group Masimba Holdings advanced 323 percent in the year to close at 7.2 cents . The group is currently valued at $16.71 million. The group recorded a 23 percent increase in after tax profit to $137 422 in the half year to June from $111 477 in the comparable period in 2016 on improved revenue coupled with overhead efficiencies. Revenue was largely driven by a firm order book. Going forward, the company aims to improve its bottom line, leveraging on an active order book of $38.4 million, with infrastructure projects contributing $16.8 million (44 percent).
AFRICAN SUN
African Sun advanced 300 percent in the year to close at 4.8 cents. The company is valued at $41.37 million. The company overturned a half year 2016 loss position of $560 000 to a net profit of $190,000 in 2017 attributable to growth in revenue and cost containments measures. Revenue was generally buoyed by an 8 percent increase in occupancy levels at the group’s properties. The company banks on the completion of the Victoria Falls Airport expansion and refurbishment project, which is expected to increase foreign arrivals and improve occupancy at its Victoria Falls properties.
RIOZIM
Riozim advanced 300 percent in the year to close at 120 cents . Its market capitalisation stood at $146.44 million. The miner’s after tax profit for the half year ended June 30, 2017 stood at $2.9 million compared to a loss position of $403 000 in the same period last year largely driven by improved revenues. Going forward, the focus of the Group shall be on intensifying investment in further exploration and development in order to increase production, create more reserves and achieve sustainable profitability. The complete installation of a flotation section at Cam and Motor Mine will enhance recovery of gold from sulphide ores. Cam and Motor Mine will also pursue other metallurgical processes to recover gold from waste material. The Dalny Mine, which the group purchased from Falcon, is expected to enhance production. The Group’s efforts will also seek to contain costs across all operations in line with the goal of generating positive cash flows.
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