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Shelter Afrique records US$1.04M in net profit for 2021

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Shelter Afrique Ag. Managing Director Kingsley Muwowo(left) and Shelter Afrique Company Secretary Mrs. Juliette Kavuruganda present a gift to the Vice President of the Republic of Zimbabwe General (Rtd.) Dr. Incumbent Chiwenga after he officially opened Shelter Afrique 41st AGM currently underway in Victoria Fall, Zimbabwe (Image supplied).

Pan African housing development financier Shelter Afrique has posted an operating profit of US$ 1.04 million up from operating loss of US$ 0.58 million the Company recorded in 2020, backed by impairment recoveries and effective cost control measures.

The Company contained its operating expenses at US$ 8.04 million in 2021 down from US$ 8.44 million in 2020, representing a 10% decline. It also reined in its operating expenses which dropped from US$ 8.35 million in 2020 to US$ 7.71 million in 2021. The Company’s gross income, however, declined slightly to US$12.09 in 2021, down from US$13.94 recorded in 2020.

Addressing Shareholders at the 41st Annual General Meeting held in Victoria Falls, Zimbabwe, Shelter Afrique Chairman Mr. Ephraim Bichetero said the transformational initiatives undertaken by the Company and its business’ resilience enabled the Company to weather the COVID storm.

“This profit continues to build on Shelter Afrique’s commitment to returning to full Financial Sustainability, one of the Company’s 3 Strategic Goals, along with Enhancing Shareholder Value & Development Impact and Organisational Sustainability. I wish to commend the board, management and staff for their continued efforts towards achieving the desired results ahead of time,” Mr. Bichetero said.

The AGM which kicked off on July 25 under the theme: Climate Change and the Built Environment, in reference to the Glasgow Conference of Parties (COP26), will close on July 30.

Financial Viability

In the 2019-2023 Strategic Plan, the Company projected a return to financial viability by 2020 and overall financial sustainability and profitability by 2023, a feat that it achieved two years ahead of schedule.

“Our 2021 financial performance, despite the macroeconomic and socio-political environment, is an indication that the turnaround plan recommended by the board and approved by shareholders continues to be the north-star on our course to returning to financial stability and viability. As management, we are encouraged by this and look forward to the challenge of the coming years,” said Shelter Afrique Group Ag. Managing Director and Kingsley Muwowo.

During the year under review total assets declined by 5 per cent from US$ 176.68 million in 2020 to US$ 167.31 Million in 2021, attributed to the 100 per cent reduction in settlement of the total debt following the repayment of US$ 34.71 Million.

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Liquidity decreased by 33% per cent from US$ 47.41 million in 2020 to US$ 31.59 million in 2021, attributed to significant debt servicing payments on the CFA Bond and DRA debt amounting to US$ 35.87 million. However, the liquidity ratio still remained strong, closing at 19 per cent, which is 4 percent points above the minimum threshold of 15 per cent. Shareholder Funds increased by 19 percent from US$135.74Million in 2020 to US$ 161.60 Million in 2021 due to the new capital subscriptions of US$24.85 million and the profit of US$ 1.04 Million for the year. This increase brings the total paid-up capital by 15 per cent, from US$ 157.29 million in 2020 to US$ 182.14 million in 2021.

“We are grateful to our shareholders for their unwavering support through the continued capitalisation of the Company, with US$ 24 million received in 2021 against a target of US$ 17 million. The receipt of these funds was achieved amidst severe fiscal constraints, and we are conscious of this,” Mr. Muwowo said.

Mr. Muwowo added that the Company would continue to review various capital raising options, including new equity capital and debt options through the issuance of local currency bonds to develop and deepen Africa’s capital markets.

“We recently completed a debut ₦46 billion (US$110.7 million) Series 1 Fixed Rate Senior Unsecured Bond Issuance in Nigeria’s capital market under its ₦200 billion (US$481.3 million) bond issuance programme for housing and urban development in Nigeria.  We plan similar bond issuance in East African markets including Kenya, Uganda, Tanzania and Rwanda,” Mr. Muwowo said.

New Managing Director

Meanwhile, Shelter Afrique shareholders have approved the appointment of Thierno-Habib Hann as the company’s new Managing Director. Mr. Hann will replace Mr. Andrew Chimphondah who left the company in February. Mr. Hann has extensive international experience in housing finance, capital markets and structured finance, set-up and management of investment funds with banking and multilateral institutions.  Currently, he is the Asia-Pacific Lead for housing finance & capital markets at the International Finance Corporation (IFC), based in Bangkok and previously in charge of Africa and the Middle East, based in Nairobi.

“The process was very competitive, and Mr. Hann was selected based on merit and competence. He is expected to strengthen governance, be an embodiment of our values and drive the investment strategy of the Company focused on delivering large-scale affordable housing,” Mr. Bichetero said.

Mr. Hann will join the organization once he completes his current contract with the International Finance Corporation. In the interim Mr. Muwowo will continue to serve as Acting Managing Director.

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Egypt’s BONBELL seeks $10 million seed funding after closing $350,000 initial round

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Egypt’s startup BONBELL, the first mobile App in the Food-tech industry specialized in food ordering, digital solutions for table and meal reservations, has closed an initial funding round for $350,000. This is through a Canadian Angel investor, to help further develop the App services and achieve a level of growth in regard to user count and daily orders.

BONBELL launched its own App in early 2022, to offer a wide range of food ordering services in Egypt. The App offers many food ordering solutions, from food delivery to restaurant’s reservations and Dine-in ordering through a QR Code on the tables, as well as take away services. The App offers various payment solutions through cash or credit cards.

BONBELL has partnered with many restaurants and cafes, as well as clubs like Heliopolis Club and Smash Club. It also offers its services in Malls and Cinemas, to offer a smoother food ordering experience, reserving tables and food delivery, for mall and cinema goers. It has also strategically partnered with many leading major companies and institutions. Most notably the German University in Cairo (GUC), and Raya Telecom, in order to offer its services in their respective headquarters for employees and visitors alike.

The Food-Tech startup targets raising its partnered restaurants to 750 by the end of 2022. The company is also negotiating with two venture capital funds from Europe and the Gulf, to close a $10 million fund in its seed round by the end of the year.

Doaa Abdel-Hameed, the Chief Business Officer of the company said: “we aim to help restaurants in offering an easier food ordering experience to their customers. Either through food delivery or reserving a table in the restaurant, as well as taking away orders and also the special orders made by customers in their restaurants.”

“We pursue a better experience for the Egyptian user in food ordering. We see a lot of potential and opportunities to do that through developing the App constantly based on the user reviews. And adding more restaurants in all of the Egyptian governorates.” She added.

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BONBELL has earned the trust of more than 12,000 customers, who used the app in food ordering in all the ways offered through the App, in just 6 month.

Doaa Abdel-Hameed emphasized that the success of BONBELL App, in offering the best experience to its users can only be done through strategic partnerships with many more restaurants. In addition to the constant development of the technology used in the App, as well as relying on offering inventive solutions to the Egyptian user such as (Robotic Stations) service. 

This service will offer customers the experience of food ordering and serving through a Robot, without any human intervention. It is expected to launch in Egypt at the end of 2023.

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GrubTech partners Geidea to provide cutting-edge e-payment solutions for restaurants and cloud kitchens in Egypt

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GrubTech, UAE’s leading cloud kitchens and restaurants tech solutions provider, signed an agreement with Geidea, a leading e-payments and fintech platform, to provide its services for the BOSs of GrubTech’s clients. This cooperation will avail an added value and new merits for GrubTech’s clients in the Egyptian market. GrunTech’s Egypt Country Manager Osama Harfoush, and Head of Commercials at Geidea Ahmed Magdy signed the agreement in the presence of GrubTech’s Founder and CEO Mohamed Al Fayed and the General Manager of Geidea in Egypt Ahmed Nader.

Founded in 2019, GrubTech is a platform that provides tech solutions to manage cloud kitchens and restaurants in a way that enables them automating their businesses and managing food delivery process online. The leading cloud kitchens and restaurants tech solutions provider also provides sales and marketing solutions as well as in-depth analyses of restaurants data that contributes to accelerating their work and reducing their costs as well.

For Geidea, it is currently the favorable choice for merchants in the Egyptian market who seek to count on the fastest and easiest e-payment solutions. Geidea provides a unique and integrated services that qualified it to acquire a large market share of the e-payments in Egypt.  

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Commenting on the signing, CEO and Founder of GrubTech Mohamed Al Fayed said that this agreement is a part of the company’s strategy that aims at expanding in establishing grand commercial partnerships with the major key players in food and beverages (F&B) market in MENA region.

“This cooperation will come into effect in Egypt, originally, and then it is planned to cover other countries that GrubTech operates in, including in MENA; Asia and Africa”, Al Fayed added.

Egypt’s Country Manager of GrubTech expressed his excitement of inking the agreement, asserting that it represents a significant step in terms of GrubTech’s plan to build a system that integrates with its objectives to create a platform that contains all solutions the restaurants and cafes in the local market need.

“Tech solutions GrubTech provides benefit its clients in easing selling and purchasing transactions, tapping digital transformation policy all institutions across the world adopted recently towards sustainable development goals achievement by 2030”, said Harfoush.

On his side, General Manager of Geidea in Egypt Ahmed Nader said that he is pleased about this cooperation with GrubTech as one of the leading tech solutions providers as well as a cloud kitchens and restaurants management system designer.

“This agreement is an imperative action for Geidea in order to expand in F&B market that is growing rabidly in Egypt. It will enable cafes and restaurants owners to work more efficiently, while providing a better experience in terms of online food delivery. It will also help the business owners increasing sales through utilizing multifarious trademarks via a single window in an easy way”, Nader stated.

Head of Commercials at Geidea, Ahmed Magdy said that the company’s vision is providing all merchants and business owners with innovative payment solutions that help growing their businesses and facilitating their management.

“Through collaborating with GrubTech, we target expanding our operations in F&B sector by introducing cutting-edge e-payment solutions. Cloud kitchens and restaurants sector is notably growing in Egypt with accelerating digital transformation, which gives us a significant opportunity to provide an all-in-one operating system that eases the process for our clients”, according to Magdy.

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Mouka Parent Company, Dolidol International Group, Appoints Dr Adesegun Akin-Olugbade as New Vice Chairman

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Mouka, the market leader in Nigeria’s sleep industry and a new member of the Dolidol International group, has appointed Dr Adesegun Akin-Olugbade as its new Vice Chairman. The Board of Mouka’s parent company, Dolidol, has given their vote of confidence to the new Vice Chairman, who has an impressive resume of sterling accomplishments.

According to the Managing Director of Mouka, Mr Femi Fapohunda, the new Vice Chairman’s expertise is in finance, corporate governance and law. As a Non-Executive Board Member, his input and guidance to decision-making by Mouka’s Executive Directors would help propel Mouka to even greater heights. Dr Adesegun is the Founder and Managing Partner of Luwaji Nominees, a legal and corporate advisory services firm and currently serves as Of Counsel at Clifford Chance (CC Worldwide Limited) and International Counsel at ÆLEX.

A graduate of King’s College London (LL. B (Hons) 1983, LL.M 1985) and Harvard Law School (LL.M ’88 and SJD ’91), in addition to being the Overall Best Student at the Nigerian Law School in 1984. He has served for over 30 years in the legal profession and financial services sector; having worked at both the technical and executive management level, in the public and private sector, for leading commercial law firms, multilateral development banks and international financial institutions.

He was previously General Counsel and Senior Director at the African Development Bank (AfDB) (2000 -2007) and the first Chief Legal Officer and Head of the Legal Services Department of the African Export-Import Bank (Afreximbank) (1993 – 1997). In December 2018, he retired as Executive Director (Chief Operating Officer), General Counsel and Corporate Secretary of Africa Finance Corporation (AFC).

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Adesegun A. Akin-Olugbade has significant Board level experience. He was a non-Executive Director and former Chairman of the Governance Committee of Ecobank Transnational Inc. (ETI). He was also a Founding Director and Managing Partner of AFC’s wholly owned subsidiary, AFC Equity Investments Limited, Mauritius. He was a founding shareholder and former non-Executive Director of Asset & Resources Management (ARM) Company, a leading financial services company in Nigeria. He is a life member of the Nigerian Conservation Foundation and Trustee of the African Refugee Foundation (AREF) and of the Nigerian Law School Class of 1984. 

In 2003, he was invited to be a member of the Committee on International Monetary Law of the International Law Association (MOCOMILA) and joined the World Trade Board as the first African member in 2019.

Adesegun A. Akin-Olugbade is an alumnus of several Executive Management Programs including the Wharton CEO Academy, the IMD Executive Management Program and the HEC (Montreal) Management Development Program (MDP). He is an Officer of the Order of the Niger (OON), a national honour conferred on him by the Nigerian Government in September 2012.

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