Protests eat into Vunani’s profits
Output in its commodities business fell 80% because of community unrest, says financial services firm
Financial services group Vunani, which is headed by Ethan Dube, said on Thursday that community unrest had resulted in an 80% decrease in production in its commodities business for the six months ended August.
Total profit fell 35% to R18.9m due to the community unrest near its discard coal mine dump called Schoongezicht in Witbank, the company said. Revenue from operations fell 27% to R170.5m.
SA’s subdued economy also weighed on its stockbroking and advisory business, the company said, though it was optimistic that its performance would improve in the second half of its financial year.
Revenue from advisory services fell 10% to R11.7m during the period, though the group’s assets under administration rose 6.3% to R6.7bn. Revenue from its asset-administration segment rose 86% to R10.8m.