FSG mulls further expansion in Zambia

Keikantse Lesemela - BG correspondent
Tuesday, 25 August 2015
FSG mulls further expansion in Zambia

Spurred by a 13 percent growth in profit after tax in their half-year ended 30 June 2015, the Botswana Stock Exchange listed Funeral Services Group (FSG) continues to explore opportunities of opening new branches in other towns in Zambia. The P13.2 million profit is relative to group’s revenue, which grew by 18 percent to P68.4 million this year compared to P57.8 million in the same period last year.

According to the published financial statement in the BSE website, the group recorded satisfactory results in the midst of challenging business environment in Botswana. In the first half of 2015 there has been weak demand, low growth in personal incomes and shortages in electricity and water supply caused lower than expected GDP growth, while low inflation caused a steady decline in interest rates.

FSG is the biggest funeral services provider in Botswana and recently expanded to Zambia. It is made up of Lyn’s and Kagiso Funeral Parlours and M&N Coffin and Casket Manufacturers. The statement shows that Botswana’s performance remained within expectations with moderate growth in terms of revenue and profitability. Operations in Zambia have also shown stable growth in this period in terms of revenue from Funeral services and assurance business. “

Approval from the City Council of Kitwe was obtained recently and efforts shall commence to build the Kitwe branch on land that was acquired in 2013. The group continues to explore opportunities to open new branches in other towns within Zambia,” reads the statement. FSG Limited has also recently acquired an established funeral service business in South Africa, based in North West and Limpopo provinces.

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