Affinity International profit drops as currencies weaken
Affinity International reported $6.4 million of total comprehensive income in 2023, down from $11.5 million in 2022.
The Bermuda-incorporated holding company owns 51 per cent of Suburban Control Centre in South Africa and 100 per cent of Affinity Health Botswana.
In 2022, the company lost $5.1 million in accounting for foreign exchange-rate changes, compared with about $812,000 for the same line item.
The Botswana pula fell about 13 per cent against the dollar in 2022.
Net cash from operating activities plummeted from $19 million to $3.9 million, as cash from operations declined and taxes paid increased significantly.
Otherwise, performance was about flat. Revenue fell from about $68.8 million to $66.8 million.
Gross profit fell from $42.7 million in 2022 to $41.6 million in 2023, and profit before currency adjustments fell from $12.2 million to $11.5 million.
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