African equity boosts Imara results :: Mmegi Online

Performance fees earned from African equity funds propelled financial services concern Imara's results to a strong position for the year ended 30 April 2008. Announcing the group's results in a statement, company secretary DE Stone said net earnings of as much as P35.2 million from their African equity funds stable significantly and materially enhanced their profits this year, leading to a 17-percent jump in profit after tax to P55.6 million.

"We are pleased to announce that post tax profits in the year 2007-2008 increased by 17 percent from P47.4 million to P55.6 million, equivalent to P1 per share," Stone said. "The company is scheduled to increase its total dividend by 33 percent to 36thebe per share. "Net asset value per share increased from P1.77 to P2.53 while return on shareholders' equity was a healthy 41 percent."

The group says the internal front was also challenging and stimulating: "We continue to strengthen our compliance, risk management and internal control systems."

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