Canaf Announces Financial Results for Year Ended 31 October 2022

Vancouver, British Columbia--(Newsfile Corp. - February 28, 2023) - Canaf Investments Inc. (TSXV: CAF), ("Canaf") the Canada-registered Corporation, is pleased to announce the release of its Audited Financial Statements and Management Discussion and Analysis for the year ended October 31, 2022.

For the year, Canaf reports revenue of US$17,124,256, a 21% improvement on the previous year, which generated a net income after tax of US$1,051,997 (CAN$1,340,034), and earnings for the year of CAN$0.028/share. EBITDA for the year was recorded at US$1,312,545 (CAN$1,671,919).

As of 31 October 2022, Canaf shareholder equity stood at US$5.1million (CAN$6.98million), which equates to a book value per share of CAN$0.147/share.

Christopher Way, CEO, states, "Despite challenging and dynamic conditions during the year, the Corporation has continued to deliver solid results, surpassing the US$1million net profit threshold for the first time in the Corporation's history. Our growing cash reserves are set aside for investment opportunities into related and new sectors, as well as continuing to grow our property investment division, as we continue on our path to build sustainable and responsible growth."

For more details and discussion on the results, the Financial Statements and Management Discussion and Analysis can be viewed on www.sedar.com or the Company's website, www.canafinvestments.com.

About Canaf

Canaf is a public company listed on the TSX-V Exchange. Canaf's registered office is in Vancouver, Canada, with offices in the United Kingdom and South Africa. Canaf owns 100% of Quantum Screening and Crushing (Pty) Ltd., ("Quantum"), a South African company that owns 70% of Southern Coal (Pty) Ltd., ("Southern Coal"), a company that produces a high carbon, de-volatised (calcined) anthracite. Canaf also owns 100% of Canaf Investments (Pty) Ltd., a South African company that owns 100% of Canaf Estate Holdings (Pty) Ltd., a real estate investment company focused on suburban property in Johannesburg.

Forward-Looking Statements

Certain information regarding Canaf contained herein may constitute forward-looking statements. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Canaf believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Canaf is under no obligation to update or alter any forward-looking statement. These risks include operational, political, currency and geological risks and the ability of Canaf to raise or obtain funds for its operations. Canaf's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

UK Office

Christopher Way
Canaf Investments Inc.
Phone: +44 1273 746307
E: info@canafinvestments.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/156456