Sekunjalo Comes Storming Back

Sekunjalo Comes Storming Back                                                   
SEKUNJALO INVESTMENTS LIMITED                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1996/006093/06)                                            
Share Code: SKJ  ISIN: ZAE000017893                                             
("Sekunjalo")                                                                   
SEKUNJALO COMES STORMING BACK                                                   
Sekunjalo Investments Ltd. released its annual financial results today for the  
year ended 31 August 2002.  Commenting on the results, Dr Iqbal Surve, CEO of   
Sekunjalo Investments Ltd, said that he was delighted with the final results,   
which demonstrate that the company has made a dramatic turnaround.              
"The excellent results attest to this positive change. We stated in 2001, that  
we could expect a solid performance for the year under review as we were        
confident that the growth model and restructuring which we implemented two years
ago would deliver results in 2002. As anticipated we have achieved positive     
headline earnings per share of 19.07 cents, compared to 0.21cents for the same  
period last year."                                                              
Group headline earnings of R16,918 million were achieved (2001: R184 000);      
annual turnover for the period under review was R346,013 million (2001: R270    
million) and an operating profit of R49,207 million (2001: R18,301 million) was 
achieved.                                                                       
Dr Surve emphasised that the results had been accomplished without the          
recapitalisation of the group having been completed and was primarily due to    
internal processes such as the restructuring and the excellent performance of   
subsidiaries such as Premier Fishing and  Health System Technologies.           
"These results indicate that with the appropriate growth model, sound           
decentralized management and the alignment of the group`s operational and       
financial strategies, a BEE company like Sekunjalo can prosper.  Premier        
Fishing, has delivered a solid financial performance, exceeding budget          
forecasts, the awarding of longer term rights has brought about stability in the
fishing industry.  Premier Fishing derives over 50% of its turnover from exports
and the increasing stability in the industry combined with the depreciation of  
the Rand has contributed to the positive performance.  Health System            
Technologies has performed above expectations and has successfully delivered    
health IT systems to the Provincial Government of the Western Cape (PAWC)."     
Dr Surve indicated that it was regrettable that support from banking            
institutions for most BEE companies, including Sekunjalo, was deficient. This   
had restricted the growth of the health care subsidiary and Sekunjalo was       
considering a number of options in this regard.                                 
Prospects for the forthcoming financial year are positive and Sekunjalo can look
forward to continuing this solid performance in the forthcoming financial year. 
Sekunjalo and its advisors are engaged in discussion to recover a substantial   
portion of its investment in LeisureNet.                                        
Dr Surve concluded by stating that the turnaround was due to the tremendous     
effort of all the managers and employees of Sekunjalo to whom he extended his   
sincere appreciation.                                                           
For further Information contact:                                                
Zenariah Barends:                                                               
Group Communications Manager:                                                   
Sekunjalo Investments Ltd.                                                      
Tel: 021 683 9100                                                               
Fax: 021 683 0417                                                               
email:zenariah@sekunjalo.com                                                    
Date: 27/11/2002 12:31:00 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department