Babereki Investments doubles profits despite trouble
Staff Writer | Friday November 20, 2020 18:14
Amidst instability caused by regime toppling and a myriad of court cases, members of BOPEU, estimated to be over 30, 000 would have been worried that the ugly political climate at the union would inevitably negatively affect the performance of the company since 2018.
Audited by Mazars, the same firm that lately audited the likes of Botswana Stock Exchange listed Choppies Enterprises and Sayeed Jamali property company, the auditors have given the company’s financials the thumbs-up and declared that in their opinion, the financial statements present fairly in all material respects the financial performance and cash flows for the year then ended, in accordance with International Financial Reporting Standards.
Profit before tax for the year ending June 2020 was P14, 612, 040, compared with P10, 740, 737 for 2019, while total comprehensive income was P14, 159, 954 for this year, compared to P6, 307, 229, mainly due to the difference in income tax which was P452, 086, compared to P4, 433, 508 the previous year.
The audited statement also shows that the company has slashed accumulated losses by 50%, which now stand at P16, 220, 578, from P30, 380, 531 reflected for the same period last year.
Another area of growth identified by the audit is the fact that intangible assets have also doubled from P465, 894 last year to P839, 169.
In the audit report the directors of Babereki Investments have also expressed satisfaction with the direction of the company and its current financial stability going into the future.
Babereki Investments is currently the focus of two warring BOPEU factions. Recently a court order reversed a coup at Babereki Investments when signatories and minutes of shareholder meeting were found to have been forged in an attempt to remove chairperson, Mogwera, and the entire board.
The Mogwera faction and the other one led by Olefile Monakwe, who ousted Mogwera’s from BOPEU presidency in 2018, continue to tussle for the control of the company.
After recently restoring Mogwera and her board to Babereki Investments, Justice Jennifer Dube then saw both parties unhappy with her judgement, as the Monakwe’s faction wanted elections as soon as possible to remove Mogwera’s faction through a vote, while Mogwera’s faction also decided to appeal the judge’s decision wholly.