Transaction Capital reports 17% increase in headline earnings | CTlive.info - South Africa News

# # # # # # #
Transaction Capital yesterday reported strong growth with headline earnings increasing 17percent to R363million in the six months to end March. File photo\: Reuters.
JOHANNESBURG – Transaction Capital yesterday reported strong growth with headline earnings increasing 17percent to R363million in the six months to end March on the back of divisional resilience in a constrained macro-economic environment.

They said the SA Taxi and Transaction Capital Risk Services, an active investor in and operator of credit-orientated alternative assets, led the performance with a 22percent increase in headline earnings to R211m.

Chief executive David Hurwitz said the divisions continued to demonstrate resilience and were expected to maintain the momentum.

“Transaction Capital’s entrepreneurial management teams will continue to invest in and implement growth strategies with discipline and precision,” Hurwitz said.

“We expect this to translate into robust organic earnings and dividend growth in the medium term, at least in line with the group’s past performance.”

Interest and other income increased 11percent to R1.81billion, while core headline earnings per share increased 17percent 59.4cents a share.

The group declared an interim dividend of 27c a share, up 29percent on last year. Net asset value per share increased by 30percent to 810.4c.

The group said its balance sheet remained well capitalised, with funding requirements for the 2019 financial year and beyond in excess of R1bn.

In February, the SA National Taxi Council (Santaco) acquired a 25percent stake in SA Taxi for R1.7bn in a move set to increase SA Taxi’s social impact.

The transaction extended to financial inclusion, job creation, skills development and economic transformation.

Hurwitz said since 2008, the division had provided R23.8bn worth of loans to taxi operators, supporting the creation of an estimated 76685 SMEs, and 138000 direct and 230000 indirect jobs.

“By enabling taxi operators to replace old vehicles with new, safer and lower emission minibus taxis, SA Taxi assists in improving the quality of this critical public transport network,” Hurwitz said.

Transaction Capital rose 1.03percent on the JSE yesterday to close at R19.70.

BUSINESS REPORT 

Follow Us
Popular Posts
  • Amplats puts 270ha of land in new hands

  • Social media reacts to innocent looking Vusi ‘Khekhe’ Mathibela

  • NZ mosque attack toll rises to 50, authorities to begin releasing bodies

  • PICS: Two people dead, two injured in Kempton Park crash

  • Ex-DA member sticks to his guns over R600m kickback for party

  • How climate change is sinking an Indian island.

  • Convicted racist Vicki Momberg’s appeal postponed to June