HARARE - NVESTMENT company, TA Holdings has been awarded a technical contract for an insurance company in Nigeria and is working on other regional opportunities, operations director Mr Don McDevitt said.

He said Trans-Industries headed by Mr Hillary Munyati was working on three regional opportunities and Cresta Hospitality Holdings, which was now self-funding, had signed three Memoranda of Understanding for management contracts valued at US$300 million. He, however, said this was still at the "early stages and the conversion rate is low".

On performance for the last financial year ending December 31, TA had reported an earnings growth of 216 225 percent which marginally exceeded the fair value gain in US dollars (211 000 percent).

Total revenue was $78,67 trillion from $53,17 billion in 2006, an increase of 146 959 percent. Of that figure, gross earned insurance revenues were $31 trillion from $16 billion and investment income stood at $58,8 trillion from $26,8 billion on the comparable period.

Finance director Mr Bothwell Nyajeka said a split in revenue showed insurance dropping to 21 percent from 43 percent, investment income grew 77 percent against 51 percent while hotels eased to 2 percent from 6 percent.

Basic earnings per share were $298 798 from $128 in 2006 and the group declared a final dividend with the option of scrip of $12 500,37.

The local share made up 57 percent of revenue from 44 percent but excluding investment income it dropped to 20 percent from 26 percent. Of the investment income, local made up 69 percent and foreign 31 percent.

Mr McDevitt said the group expected its hotels' performance to improve over the year. The group would be adding another 50 rooms to the Cresta Churchill in Bulawayo. Renovation of the Jameson was underway and capital would be committed to the renovation of Oasis and Cresta Lodge once "economic pricing formulas were put in place".

Cresta Marakanelo had a record month in February and management had since reforecast values in Botswana to grow by 50 percent.

On the balance sheet, total assets amounted to $413 trillion up 246 841 percent last year. Of that amount, 50 percent was in investments, 20 percent current assets, which did not include cash, 12 percent life funds, 8 percent property plant and equipment, 7 percent cash and 3 percent in goodwill. Shareholders' funds amounted to $143 trillion while the NAV rose to $881 935 from $365.

Mr McDevitt said the balance sheet continued to massively understate ZFC and Sable, where capital was now required for "vital repairs". Sable would be a "key focus" this year.

This article first appeared in the Zimbabwe Herald of 17 March 2008