The financial services company saw revenue increase from 100 million rand for the re-presented period ended 31 December 2012 to 109 million rand for the same period in 2013.
“Revenue from continuing operations increased by nine per cent for the year ended 31 December 2013. Other income comprises the amortisation of deferred revenue that arose on the historic acquisition of Black Wattle Colliery Proprietary Limited and directors’ fees earned where the group’s executive directors serve on investee company boards,” [DATA VUN:Vunani Limited] said.
“Other income has reduced compared to December 2012 as the 2012 value included the reversal of a rental guarantee provision that was provided to Vunani Property Investment Fund Limited (VPIF) in August 2011 when it listed.”
Investment revenue was up to 10 million rand in 2013 from two million rand in 2012 while profit before income tax decreased to eight million rand from 27 million rand.
The company, which has operations in asset management, investment banking and property, saw basic and diluted earnings per share of 8.6 cents from continuing operations. Net asset value per share increased from 191 cents in 2012 to 203 cents in 2013.
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“Vunani’s financial situation has improved significantly since the restructure, with the group reporting a second successive year of profit. The directors believe that with the operating businesses largely profitable and a greater degree of clarity on the investment strategy the group is well-poised to develop a positive legacy,” it said.
“Management is looking to re-position its property business; the immediate opportunity being to focus on the unlisted property sector. Various property initiatives are being considered with some strong capital and property development partners. These span both South Africa and the African continent.”