ABCH sees lower profits

Regional financial group ABC Holdings (ABCH), which has been taken over by AIM-listed investment company, Atlas Mara, on Wednesday warned that it expects to release profits for the half-year to June 30 which are lower than in the prior year.

The Source

Atlas Mara, co-owned by former Barclays Plc chief executive Bob Diamond and African entrepreneur Ashish Thakkar, has bought 95,84% of ABC and on Monday announced a firm intention to buy out the remaining Zimbabwean and Botswana minority shareholders to gain total control of the Pan-African financial services group.

ABCH’s half-year results last year showed a group pre-tax profit of BWP169,1 million (or US$19,55 million), a 77% increase from June 2012. Net profit was up 133%, totalling US$14,87 million, nearly matching the 2012 full-year net profit of US$15,63 million.

Without giving reasons, the group said it was unlikely to match that performance for the same period this year when it releases its financials next week.

“The shareholders of ABCH are advised that the group expects to release results for the period ended June 30, 2014, on or about September 30, 2014, which will be lower than what was reported for the period ended June 30, 2013,” said the company.

ABCH, through its BancABC brand, has presence in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe.