TA Releases 2007 Financials

We are pleased to report a good set of results for 2007.  Our commentary is based on inflation adjusted accounts.

Basic earnings per share for the Group grew from $64,975 per share to $192,822.  This growth in earnings was due to strong performance, operationally and in our investments, both local and foreign.  Foreign earnings, accounting for 64% of the total group earnings were buoyed by:

(a)          a turnaround at Cresta Marakanelo.  The company registered a profit before tax of 17 million Pula compared to a 1.6 million Pula profit before tax last year. This was on the back of increased occupancies at all hotels; and

(b)          Lion Assurance, Uganda, which recorded a profit before tax of 1,9 billion Uganda Shillings (UgShillings) compared to a loss of 66,100 UgShillings last year.

Local earnings accounted for 36% of the total group earnings and were spurred by:

(a)          improved operating earnings at Zimnat Lion and Cresta Zimbabwe; and

(b)          increased investment income at Zimnat Lion, Zimnat Life and Grand Re.

Total group balance sheet size increased by 270% from $117 trillion last year to $435 trillion in 2007.  68% of the group balance sheet is foreign, whilst 32% is local.

For the full financials download the pdf here.