Invicta Holdings, the investment holding and management company, yesterday informed its shareholders that for the financial year ended March 31, it expected its earnings per share to increase by up to 170 percent.
In its trading statement released yesterday, the group said that during the current period, earnings per share were expected to increase approximating 455.8 cents to 484.3 cents, to between 740.8 cents and 769.3 cents, off a base of 285 cents reported for the prior comparative period.
Headline earning per share is expected to be within 20 percent of the prior comparative period, off a base of 316 cents reported for the prior comparative period.
According to the group, the earnings include: a net profit on disposal of businesses, 51.19 percent of Kian Ann and ESG branches, amounting to approximately R64 million (59 cents per share)
"A fair value gain of approximately R396 million (366 cents per share) on remeasurement of the joint venture investments, KKB roller manufacture operation and the MIH product distribution operations in both the US and Canada where holdings were increased to 100 percent.“
The company said the above transactions were included in earnings per share (Eps) but excluded from headline earnings (Heps) in the current period.
The group said during the prior comparative period for the financial year ended March 31, 2021, the Eps and Heps included the result from the CNH Agricultural businesses which were disposed of.
“This amounted to 85 cents per share for both Eps and Heps,” it said.
In February, Invicta, with Steven Joffe at the helm, disclosed that it had handsomely rewarded its top executives with millions of rand in share incentive rights. This follows the firm’s return to a better financial footing after reducing its overheads and debt burden.
BUSINESS REPORT