Diversified investment firm Zimre Holdings Limited Holdings (ZHL) posted an improved performance in the six months to June 30, 2020 on a comparative basis.
The group’s total income – in inflation adjusted terms – came in at $1.5 billion, up 49 percent over the $1.02 billion recorded in the same period in 2019.
On a historical cost basis, total income increased by 1220 percent from $167 million in 2019 to $2.2 billion, “driven by investment property revaluation gains following change of functional currency, growth in
insurance revenue of 747 percent, and increase in rental revenue of 888 percent,” said the chairman.
During the period under review, total claims and expenses stood at $452 million on an inflation adjusted basis, total claims and expenses grew by 24 percent when compared to the $387 million registered in the same period in 2019.
At 795 percent on a historical cost basis, growth in claims and expenses was below growth in total income of 1220 percent.
But this did not affect ZHL’s profitability.
On an inflation adjusted basis, profit for the period increased to $1.2 billion in 2020 from $533 million last year, an increase of $685 million in absolute terms.
In historical cost terms, profit for the
period increased by 1491 percent from $117 million to $1.9 billion as most of the group’s business units performed well during the half year.
Total comprehensive income increased to $1.4 billion in inflation adjusted terms from $718 million
in 2019.
And on a historical cost basis, total comprehensive income was $2.3 billion, compared to $185 million same period last year.
Meanwhile, total s grew by 64 percent in inflation adjusted terms from the restated level of $2.9 billion in 2019 to $4.7 billion as at 30 June 2020.
On a historical cost basis, the Group’s financial position remained sound with total assets at $4.4 billion compared to $1.05 billion as 31 December 2019.
“The growth was mainly attributed to the revaluation of the investment properties and other non-monetary assets,” said the group.
The board did not declare a dividend for the six months period.