To view the PDF file, sign up for a MySharenet subscription.

SEKUNJALO INVESTMENTS LIMITED RELEASES INTERIM RESULTS

Release Date: 28/05/2001 15:23
Code(s): SKJ
Wrap Text
-

Sekunjalo Investments Limited, today released their interim results for the period ended 28 February 2001. Commenting on the results, Dr Iqbal Surv , CEO of Sekunjalo, said "We are pleased to release our second set of interim results coming after a particularly tough period for Sekunjalo. This demonstrates the strength of the underlying businesses of the group and the commitment of employees, executive management and directors". -
The results are not comparable to those released last year. The previous interims reflected the group's investment in LeisureNet, liquidated in the latter half of the last financial year, impacting on both the net asset value and the earnings of the group. The extreme seasonality especially associated with the fishing industry as well as the health care businesses are also reflected in these interims. Under these circumstances, the results are in line with management's expectations for this reporting period. -
Dr Surv stated that Sekunjalo had adopted a sustainable growth strategy this year which has resulted in the restructuring of the underlying businesses and the strengthening of the operational management of the company. "In Sekunjalo Health Care we are concentrating on the high margin pharmaceutical sector and expanding our rapid diagnostic business. We are confident about growth in these businesses as a consequence of the expansion of our product range in pharmaceuticals and increased penetration of markets abroad with our rapid diagnostic products. " -
Significant restructuring of operations has also been undertaken at Premier Fishing which will enable it to deliver strong results for the full year. Sekunjalo has also benefited from the increased stability in the fishing industry due to the "rolling over" of quotas. At the end of 2000, a moratorium on new quota applications was declared to enable the Minister to prepare the framework to allocate medium and longer term fishing rights. "We employ close to 1000 people at Premier Fishing and we look forward to stability in the industry, both as a business and an employer. Longer term rights will enable us to make investment decisions with greater certainty in this capital intensive industry", said Dr. Surv . -
In terms of the sustainable growth strategy, the following objectives have been set: dominating the sectors in the core business areas; strengthening of operational management and the development of adjacent businesses in both fishing and health care. Dr Surv said that the group will be strengthening the executive management. Measures to be taken will include the appointment of a Managing Director that will take overall responsibility for group operations. An announcement to this effect will be made shortly. The management of Sekunjalo are confident of achieving their budgets for the full financial year and look forward to enhancing the profitability of the group. -
Sekunjalo Investments Holdings (Pty) Limited is currently concluding a transaction with a broad based black empowerment group which is aimed at recapitalising Sekunjalo Investments Limited and its subsidiaries. - ENDS
Issued by Zenariah Barends: Group Communications Manager On behalf of Sekunjalo Investments Limited -
For Further Information Contact : Zenariah Barends 021 683 9100 / 082 4410433

Share This Story