Conafex plans to grow its local and regional busin
Johannesburg - Listed horticultural and agri-resources company, Conafex Holdings Société Anonyme, was looking to expand its operations in South Africa and the region, it said last week.
The company, which is listed in Johannesburg and Luxembourg, grows flowers, tobacco, nuts, tea and coffee, mostly for the export market.
It published its unaudited financial statements for the 11-month period to August, showing that revenue doubled to $1.3 million.
It reported attributable earnings of R4.4 million compared with a loss of R37 million last year because of the revaluation of its Zimbabwean assets to fair value.
It had a cash balance of R17 million and a dividend of 19c a share was declared.
"Earnings are no longer consolidated and therefore the financial results include only US dollar receipts from Zimbabwe," the company said.
Conafex has worked towards becoming less dependent on Zimbabwe, where the bulk of its operations has been.
Earlier this year Conafex announced it would sell Barato Holdings to Blantyre Assets, a company incorporated in the British Virgin Isles.
Barato's sole asset is an approximate 17 percent holding in Harare-listed Ariston, for which Blantyre paid $2.97 million.
The company said it made a R7.5 million profit on the sale.
Ariston owns a number of estates growing flowers, tea, macadamia nuts, coffee and fruit.
Ariston comprises a large part of Conafex's operations.
Conafex and its Zimbabwe subsidiary, Zimcor, together hold about another 13 percent of Ariston.
Conafex holds 40 percent of Cape Natural Tea Products, which produces and packs speciality herbal teas, as well as branded rooibos teas, which are exported to Europe and Japan.
Earlier this month Conafex bought 34.9 percent of locally listed fruit exporter Intertrading.
Conafex has an option to buy a further 7.8 million shares at a strike price of 60c a share.
It closed unchanged at R10 in Johannesburg yesterday.
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