First Capital Holdings registers gain in profit

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One of the country’s major conglomerates in the financial industry First Capital Holdings is already benefitting from its expanded footprint in the region.

This is evident through how its subsidiaries have covered up for each other’s losses and shortcomings in the year ended 31st December, 2019.

In their financial statement for the said period the group has managed to post a $10 million profit across its subsidiaries except for Zimbabwe.

According to a financial report signed by director Deraj Dikshit, they have had challenges in three markets of Malawi Zambia and Zimbabwe.

Dikshit adds that their Barclays line has been the most challenging as they have had to face loss due to the dollar devaluations in Zimbabwe.

Their Malawi operations have seen a reduction in profits resulting from what they have described as fair value losses on equity investments.

 

 

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