Cambria profits up 12pc

Zimbabwe focused investment company Cambria recorded a 12 percent jump in profit for the full year ending August 31, 2015 to $5,6 million from $5,01 million during the prior period.

The profit came on the back of a 12 percent increase in revenues from $9,4 to 10,3 million. Cambria has two operations Payserv and Millichem.

Cambria’s EBITDA from continuing operations for the year ended under review was $1,65 million compared to an EBITDA loss of $3,75 million for the 2014 financial year.

The company said EBITDA for 2014 was impacted by once-off costs of $0,7 million incurred on investigating the acquisition of CelPay Zambia which was not concluded following the discovery of a significant deterioration in the financial position of CelPay Zambia while that of 2015 continued to be effected by Payserv’s investment in expanding its presence and offering in Zambia, the costs of which are expensed in full.

The performance was from the country’s two remaining operations Milchem, a value-added chemicals distributor with a leading market position in Zimbabwe and Payserv that provides EDI switching services (Paynet), ‘payslip’ processing (Autopay), and payroll based microfinance loan processing (Tradanet).

Millchem’s revenues grew 10 percent to $5,3 million during the period under review from $4,8 million during the prior period.

Overheads were negatively impacted by the expansion and investment in establishing Milchem Zambia and Millchem Malawi under the Group’s previous management. It closed Milchem Malawi while Millchem Zambia was disposed of.
Payserv revenues grew 9 percent from $ 5,01 million from $4,5 million during the prior period
Chief executive Mr Samir Shasha said the Company is now focused on creating value for shareholders through its investments in Millchem and Payserv.

In addition, he said the board was in the process of formulating its investment strategy to implement strategic value-creating acquisitions as appropriate opportunities arise.

“We will continue to focus on Zimbabwe, which we believe provides the best opportunity for successful investment and growth in the short to medium term,” he said.

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