Zambia Reinsurance Plc has issued a statement that indicates that the company is likely to score a weaker financial performance at half year 2021 compared to the same period last year.
“In accordance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of Zambia Reinsurance PLC (the “Company”) hereby advises the Shareholders of the Company that the Earnings per Share (EPS) for the period ended 30th June, 2021 is expected to be below that of the prior period ended 30th June, 2020 by 67%”, read a statement issued by Choice Corporate Services Limited on 20th August 2021.
Currency depreciation of the period under review has been cited as the main reason for the poor performance. “This decrease is mainly attributed to the absence of net exchange gains recorded in the prior year”.
However, the company issued a cautionary as the preliminary results were yet to be subjected to review by external auditors. “Shareholders are advised that the information contained in this Trading Statement has not been reviewed nor reported on by the external auditors of the Company”.
“The Company expects its results for the half-year ended 30th June, 2021 to be released on SENS and published in the local press on or about 23 August 2021. Accordingly, Shareholders are advised to exercise caution when dealing in the Company’s Securities until publication of the results”.