Real Estate Investments Zambia (LuSE: REIZ) saw net profits rise by 104% year-on-year to K41.4 million. Earnings per share came in at K0.73 (H1 2014: K0.36):
This was despite a sharp rise in foreign losses to K10.2 million and increase in net finance costs to K4.4 million. ‘Other operating income’ grew by a multiple of 90 to K22 million compared to the same period in 2014 largely because of REIZ’s disposal of their 49% stake in Burnet Investments Ltd.
REIZ increased first half revenue by 28% to K24.2 million:
The Directors resolved to pay an interim dividend for the year ending 31st December 2015 of K0.08 per share (K4.5 M). The dividend will be payable to shareholders on record as of 30th October 2015.
Robin Miller resigned as CEO of REIZ at the end of June 2015. Chief Financial Officer Sydney Popota was appointed to act as CEO effective 1 July 2015. The company will issue a further announcement once the permanent appointment has been finalised.
The Board of Directors also elected Kenny H. Makala Chairman of the Board to replace Timothy Mushibwe who died on 25 January 2015.
Trying to decipher this puzzle that is Zambia by using a variety of publicly available data (structured and unstructured) in conjunction with my own skill/experience. * * *