Renaissance Services SAOG has hosted its quarterly meeting with investors and analysts to discuss the company’s first quarter performance.
Responding to questions following the publication of results, group CFO Vishal Goenka acknowledged the company’s positive performance in Q1, but confirmed the Covid lockdown will impact Q2 and profitability will be lower. “We have a strong balance sheet and liquidity position to meet all our financial obligations throughout this crisis. The current crisis also stress tested our systems and processes which are again proving robust during these trying times.”
Commenting on the company’s ‘In Service of the Nation’ programme, providing meals free-of-cost to quarantine, support and outbreak centres throughout the country, the CFO advised “We have provided well over 100,000 free meals and continuing. It is important we play our part to support the government and the Nation. The lockdown is crucial to saving lives. As soon as we get through this period, we can all turn our attention to re-starting the full economy and preserving jobs and livelihoods.”