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Imara optimistic despite politics


Imara Asset Management Zimbabwe says despite politics dominating the local landscape, the country’s economy continues to thrive.

The company recorded an after-tax profit of $162 706 for the half-year ended September 30 despite a decline in funds under management.

At the end of September funds under management were $125 million.

Imara provides asset management services to pension funds, trusts and companies, among other activities.

Imara chairperson Peter Bailey said the company’s balance sheet remained strong with capital levels above the Reserve Bank of Zimbabwe requirements.

“Whilst politics continue to dominate the media and discussions, the economy continues to thrive with expected gross domestic product growth of nearly 10% in 2011, well above the average for Africa and among the highest levels in the world,” said Bailey.

“That does not necessarily translate into profitability and so it is the job of our investment management team to invest in those businesses listed on the Zimbabwe Stock Exchange that are, and will continue to benefit from the current economic scenario.”

The economy is expected to register a 9,4% growth next year and inflation to remain within single digits.

He said Imara remained optimistic investment will perform well and enable the company to grow funds under management.

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