Texaf, S.A. Reports Consolidated Earnings Results for the Year Ended December 31, 2017; Provides Earnings Guidance for the Year 2018
February 23, 2018 at 01:25 pm EST
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Texaf, S.A. reported consolidated earnings results for the year ended December 31, 2017. For the period, revenue from ordinary activities was EUR 18,208,000 against EUR 18,392,000 a year ago. Recurring EBITDA was EUR 10,038,000 against EUR 9,740,000 a year ago. Recurring operating result was EUR 7,020,000 against EUR 6,953,000 a year ago. Operating result was EUR 3,410,000 or EUR 0.96 per share against EUR 6,179,000 or EUR 1.74 per share a year ago. Result before tax (of continued operations) was EUR 2,220,000 against EUR 5,428,000 a year ago. Net result after tax was EUR 4,550,000 against EUR 5,456,000 a year ago. Consolidated net result (Group's share) was EUR 4,542,000 or EUR 1.28 per share against EUR 5,454,000 or EUR 1.54 per share a year ago. Cash flow from operating activities was EUR 8,706,000 against EUR 8,666,000 a year ago. Net financial debt had reached EUR 5.6 million as at 31 December 2017, which represents 7.1% of consolidated equity, compared to EUR 5.4 million at the end of 2016.
The "Bois Nobles" project is only likely to generate rent in the second half of the year. On account of the continuing uncertainty regarding the political situation in the DRC and the resulting international tensions, the Group is expecting results similar to those in 2017 for its real estate activity. The same is true for CARRIGRES, which is anticipating turnover and a result in the same order of magnitude as in 2017. Overall, the Group is therefore forecasting a stabilisation of the recurring operating result.
Texaf S.A. - Société Financière et de Gestion is a holding company organized around 2 areas of activity:
- ownership and leasing of real estate assets (80.5% of net sales): residential and business properties located in Kinshasa. At the end of 2022, real estate assets amounted to EUR 119.6 million in market value;
- production of sandstone crushers (19.5%).
In addition, the group invests in companies operating in the field of digital technology.
All sales are in the Democratic Republic of Congo.