Afinitas Limited has announced its maiden profit since listing on the Botswana Stock Exchange (BSE) more than a year ago. It stands at $33 216.00 for the half year period. The company said the profit mainly reflects the income generated through Africa Events Limited which is one of its subsidiaries. Afinitas, which is led by Rupert McCammon as its Managing Director, said it expects the income stream to grow and become more diversified as new companies in the portfolio become profitable. Going into the second half of the year, Afinitas says the current performance might not be reflected due to the nature of business. “Due to the seasonal nature of the conferencing business the financial performance reflected in the financial statements is unlikely to be replicated during the second half of the year,” the company said in the financial statement.
Currently Afinitas has three investments with the first being the Africa Events Limited (AEL) which is an events management business that specialises in hosting Investment focused events and conferences. “This event is attended by a wide range of Africa’s leading financial services companies and major global investors seeking investment opportunities in Africa.” It is said that delegate numbers and revenues have increased annually since the event’s establishment and Afinitas attributes this to strong brand that has been established for Africa Financial Services Investment Conference (AFSIC). The second investment is Ethiopian Investment Limited (EIL) which was funded by $2.5 million towards its establishment. The company says the process of setting up EIL is at an advanced stage and subject to regulatory approvals. It is anticipated that the new entity will be incorporated in Mauritius and listed on the Stock Exchange of Mauritius.
“EIL will be an Ethiopia focused company providing permanent capital for businesses in different sectors within Ethiopia. The long term vision is to establish a listed Ethiopia focused conglomerate that will give investors exposure to one of the fastest growing economies in the world with the second largest population in Africa.” The latest investment by Afinitas is Adventis Limited which was announced in August this year. Afinitas will hold a 60 percent shareholding in the company to which they have approved $2.5 million for its establishment.