[2008-08-25]  Afre posts $1,47 billion profit
Financial services group Afre Corporation recorded a $1,47 billion (revalued) profit after tax for the six months ended 30 June compared to $780 posted the same period last year.
In a statement accompanying the unaudited results the company’s executive chairman Mr Patterson Timba said operations of the company were intensely affected by the brain drain, the hyper-inflationary conditions fuelled by foreign currency scarcity and a shortage of basic commodities as well as the unstable business and socio-political environment.
He said all these factors had posed threats to the daily business activities.
“The Zimbabwe business and socio-political environment continued on a negative trend. The two elections held during the period disrupted business and created a wait-and-see attitude. “Persistent shortages of foreign currency and basic commodities on the shelves, skills flight and dwindling production capacity utilisation have continued to fuel inflation. The fiscal demands of the two elections also had a negative impact on inflation, thus posing challenges to the business operating environment,” said Mr Timba.
To counter the challenges, the group pursued value preservation strategies for both the short and long term.
To curb foreign currency shortages, Mr Timba said the group would increase its exports and broaden its business by improving products and services provided to attract new markets.
“The group will grow the regional thrust and export of products and services to improve foreign revenues and will continue to seek new innovative products and services to grow the business and create new markets.
“The group is confident that it has the requisite skills and resources to take advantage of opportunities that may arise to grow and expand its horizons,” said Mr Timba.
He said the group intended to complete its TM Northend Project and procure adequate building materials for the residential and retail projects.



Source: Chronicle