Cambria Africa swing to profit; warns of dimmed outlook in Zimbabwe

Writer, Stock Market Wire
Friday, February 1, 2019 - 14:25

Cambria Africa swung to an annual profit after it generated higher revenue from its investments in Zimbabwean payments services and industrial solvents companies.

The company, however, noted that recent political unrest in the African nation had dimmed the outlook for foreign investment there.

Net profit for the year through August amounted to $1.9m, compared to a loss of $349k on-year, as revenue rose 10% to $9.4m.

'The outlook for direct foreign investment and balance of payment support for Zimbabwe significantly dimmed following violent protests and the ensuing clampdown by government forces,' Cambria Africa said.

'Historically, companies that have survived such seismic shifts in the country's fortunes have come back stronger and more profitable.'

'Cambria expects to survive the dislocations created by these events.'

'As some investors turn away, Cambria's management feels that it will have an opportunity to capitalize on new opportunities at significantly lower investment costs than before.'

At 2:25pm: (LON:CMB) Cambria Africa share price was +0.05p at 1.03p

Related content

Cambria Africa suspends Zimbabwe payment services due to currency weakness

Cambria Africa confirmed media speculation that it had decided to suspend its Paynet services to banking clients in Zimbabwe.

The company said it was seeking...

Wed, 12/06/2019 - 13:28

Cambria Africa warns of profits as Zimbabwe's currency expected to swing lower

Cambria Africa said achieved record first-half profits, but warned that earnings in the second half of the year would be impacted by the rapid devaluation...

Fri, 31/05/2019 - 09:53

Cambria Africa says head of subsiduary Payserv Zimbabwe to leave

Cambria Africa said Sibert Dube had resigned as the head of its largest subsidiary, Payserv Zimbabwe.

Dube would be replaced on 7 June by Christian...

Fri, 05/04/2019 - 12:52

Cambria Africa buys stake in Zimbabwe property group Radar

Cambria Africa said it had acquired a stake in Zimbabwean property developer Radar Holdings for $16m.

The 7.38% beneficial interest was acquired through Payserv Africa....

Tue, 18/09/2018 - 15:02

Cambria Africa swings into profit

Cambria Africa has reported a profit before tax and minorities of $478,000 for the year ended 31 August 2017, which compares to a loss of...

Mon, 23/10/2017 - 13:32