Zimre blames loss position on poor performance

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ZIMRE Holdings Limited (ZHL) recorded a $3,5 million loss during the year ending December 2014 after a profit of $1,5 million in the previous year.

BY TARISAI MANDIZHA

The company blamed its loss position on poor performance by its agro-industrial operations and property asset revaluations.
During the period under review, net premium declined to
$52,2 million.

In a statement accompanying the group’s audited financial results for the year ended December 2014, ZHL chairperson Ben Khumalo said the 56% decline in operating profit was mainly attributed to a decline in investment revenue and the fall in gross premium written.

“The ZHL group achieved gross premium written of $74 million against the prior year premium of $76,9 million a decline of 4%.The decline in performance was mainly attributed to low business generation in the reinsurance operations precipitated by the slowdown in economic performance in Zimbabwe,” Khumalo said.

The group’s foreign operations contributed 50% of the gross premium written in 2014 compared to 43% recorded in 2013.

“The regional economies in which the group has operations namely Zambia, Mozambique, Botswana, Malawi, and Uganda have continued to maintain modest and in some cases robust growth rates driven by investment in infrastructure, mining, improved agriculture production and buoyant service sectors, despite the difficulties in the global economic environment,”Khumalo said.

ZHL has operations in Zimbabwe, Zambia, South Africa, Botswana and Uganda.

During the period under review, profit of $0,8 million was achieved compared to $1,7 million in 2013 while total comprehensive income was in the negative at $5,2 million compared to a positive $10,9 million in 2013.

“This was mainly due to unrealised losses inequity instruments and translation losses arising from the strengthening of the United States dollar against the regional currencies.

“Other comprehensive Income for last year of $9,4 million included the group’s share of one off property revaluation arising from re-designation of some agriculture land to urban land amounting to $10 million in one of the associate companies,” he said.

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