Capital Appreciation declares a maiden dividend
Investment group Capital Appreciation on Tuesday declared a maiden dividend of 2c per share, after increasing its first-half net profit by 124% R60.13m.
Earlier this year, Capital Appreciation spent nearly R1bn to buy African Resonance, Rinwell and Synthesis, which gave it entry into the financial technology.
African Resonance and Rinwell’s subsidiary Dashpay are involved in online payments, while Synthesis develops software for the financial sector.
Capital Appreciation said African Resonance continued to expand its market reach through several new client contracts, which resulted in an increase in its market share and growing penetration within its traditional banking and financial institutional client base.
"DP [Dashpay] has similarly made very good progress over the last five months and its specialised payment platform, driven by the most advanced technology concepts, is almost complete and ready for national roll-out," the company said in a statement.
The company said Synthesis continued to post "solid" growth and enjoyed an "extraordinary" reputation with its client base.
Group revenue rose to R224.4m in the six months to end-September, from R39.7m in the year-earlier period. Headline earnings per share (HEPS) rose 87% to 4.02c.