Zimbabwe hasn't put in a huge showing on the list of investors' favourite destinations in recent years, due to what could charitably be described as challenging economic conditions...
Brainworks had said it needed to delay the publication of results due to the effect on its financial reporting of currency reforms in Zimbabwe.
Brainworks – a Mauritian-based JSE-listed holding company with a Zimbabwean hotel and real estate investment portfolio –– released annual results for the year ended 31 December 2018, reporting revenue up by 35% to US$79.3 million from US$58.6 million in the prior year.
Directors have 'a reasonable degree of certainty' that positive basic earnings per share will be achieved in 2018.
Brainworks released its trading statement and operational trading update for the year ended 31 December 2018 (“FY18”).
Shareholders are advised of certain currency reforms that have taken place in Zimbabwe, which commenced in October 2018
The coming to power of President Emmerson Mnangagwa in November last year has been a major boost for tourism with one of the country’s largest hotel groups saying its occupancy went up by 20 percent in the first half which is normally a dry period for tourism.
One of the country’s top players in property and tourism sectors, Brainworks Capital, believes the firm is poised to benefit from various infrastructure projects that are taking place in the country as President Mnangagwa’s Government prioritises economic development and growth.