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Masawara : MASA – final results

Masawara has published its final results for the year that ended 31 December 2013. Shareholders’ equity fell by $9.6m to $72.6m.

The managers say that the company has been adversely affected by a slowdown n the Zimbabwean economy. TA Holdings, 41% held by Masawara, wrote down the value of their investment in Sable Chemical Industries by $13.7m and this took $5.6m off the net asset value. Sable Chemical was the major manufacturer of ammonia based fertilisers in Zimbabwe but had to shut its plant as it couldn’t afford its electricity bill. A further $2m of the fall came from a write down in the value of their property investment in Harare, Joina City. Since the end of the period Masawara sold its investment in Zuva Petroleum (Masawara (Energy) Mauritius). This allowed them to make a special distribution to shareholders of 3.25 cents per share.

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