Grand Parade Investments releases preliminary year end results – headline earnings growth in very challenging market

Black empowered investment company Grand Parade Investments (GPI) today posted its preliminary results for the year ended 30 June 2009.

 

Financial highlights of the results include:

  • Net asset value of the company per share has grown by 11%
  • Headline earnings grew 14%
  • Operating costs decreased by 7%
  • Dividend declared at 7.5 cents per share

 

Other highlights include:

  • 27 million shares were bought back at an average of R2.18 per share
  • GPI has increased its exposure to select urban casinos and the LPM industry
  • Cash has been retained for acquisitions
  • Strong balance sheet with low levels of gearing

 

According to chairman Hassen Adams: “The global economic slowdown has meant that GPI has been affected by declining levels of disposable income. However, given this environment, we are particularly pleased that we were able to grow our earnings and perhaps most importantly the reported value of GPI’s share”.

 

“I believe that our results are a further reflection of GPI being firmly on the move in its quest to become a leading player in the gaming and leisure industry.”  Adams added that what pleased him most was to “see the communities benefit from GPI’s investments, the most significant of which being GrandWest, which is making increasingly signficant contributions to society from a corporate social investment and enterprise development perspective.”

 

GPI’s Chief Executive, Adrian Funkey said that headline earnings increased 14% from R84.8 million to R96.7 million, while headline