Innscor benefits from improved capacity, stable economy

Twitter complaint ... Addington Chinake, a senior partner at Kantor and Immerman has asked Twitter to remove offensive comments by Norton MP Temba Mliswa

Listed conglomerate, Innscor Africa Limited, posted a four-fold increase in revenue to $56,4 billion for the year ended June 30, 2021 as increased capacity utilisation and a stable economic environment contributed to increased volumes.

During the year under review, Innscor said it registered “excellent volume recoveries” across all business units, as demand firmed.

In a statement accompanying the results, group chairman Mr Addington Chinake said the economic stability contributed to the financial gains.

“The year under review saw an encouraging improvement across the operating environment, supported by progressive monetary and fiscal policies such as the introduction of the foreign currency auction system and multi-currency platforms, providing convenience to the consumer,” said Mr Chinake.

“As a result, a sustained reduction in inflation was experienced as pricing models were able to be set with more certainty. Market sentiment was generally positive, with a distinct improvement in consumer confidence contributing to firm aggregate demand, despite the backdrop of the ongoing Covid-19 global pandemic.”

The group’s consolidated profit before tax for the year stood at $12,9 billion, up 143 percent from the prior comparable period.

And its annual headline earnings per share for the year of 1 257,42 cents followed a similar trajectory.

For the year just ended, Innscor declared a final dividend of 180 cents per share.