- Boosted by Disposal of FSG Shares
Blue chip financial services group, Botswana Insurance Holdings Limited Group (BIHL), anticipates its Profit Before Tax (PBT) for the year ended 31 December 2023 to be 85–95 percent higher than the previous reporting period. The group estimates this increase to be between P500 million and P555 million compared to the previous period.
In a trading statement to shareholders, BIHL stated that its performance was significantly impacted by profits recorded from the disposal of its 37.62 percent shareholding in Funeral Services Group (FSG).
The transaction was executed during the 1st quarter of 2023 and resulted in a P142 million once-off profit for the Group.
In addition, BIHL said it recorded significant positive returns on investments held under the life business.
The Group’s results for the year ended 31 December 2023 are expected to be published during the week ending 29 March 2024.
Accordingly, shareholders of BIHL and potential investors have been advised to exercise caution when trading in the company’s securities until a detailed announcement is made.
In 2023 the Group says it adopted the new International Financial Reporting Standards (IFSR) accounting standard applicable to the insurance business, IFRS 17.
According to BIHL, this required a retrospective change to previously reported amounts and balances for 2022.
Consequently, the previously reported PBT for the year ended 31 December 2022 was restated from P759 million to P553 million.
