Inqo Investments Ltd on Wednesday reported a swing to profit from loss and higher revenue due to an increase in grant funding.
Inqo Investments is a South Africa-based social impact company that invests in businesses that tackle poverty and environmental challenges in sub-Saharan Africa.
Inqo swung to a pretax profit of R 1.3 million, about £56,899, in the six months to the end of August from a loss of R 4.3 million a year before, as revenue increased by 11% to R 8.2 million from R 7.4 million.
It received R 5.1 million in grant funding in the half-year. To date, Inqo has received 75% of a $4 million grant to fund its conservation and rural enterprise project in Uganda. Inqo did not receive any grant funding in the same period last year.
After tax, profit was R 532,516, swung from a loss of R 4.1 million a year before.
The company noted it generates 80% of its revenue from the hospitality and tourism sector. The half-year period aligns with the off-peak season, which historically results in lower occupation rates and revenue.
Inqo was last traded at 66.50 pence on AQSE in London in July. It has a £10.9 million market capitalisation.
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