Zimplow reports improved half year results

Home/Headlines/Zimplow reports improved half year results

A good agricultural season saw Zimplow record a 77% growth in revenue for the 6 months ended 30 June 2017. Turnover for the period amounted to $14.7 million up from $8.2 million prior year comparative. The Group managed to turn a loss of $2 million in HY2016 to a profit of $262,737 for the HY2017. Cash flow from operating activities also improved to $1.6 million from a loss of $487,844Trading volumes at Mealie Brand’s animal drawn implements improved by 371% largely driven by export orders were volumes grew by 1445% while local implements were up by 103%. At Barzem the expansion in the mining, energy and gold sectors saw sales growth in earth moving CAT units of 550% against prior year comparative. Powermec and Farmec also recorded 63% and 98% volumes growth rates. The Group also saw margins improving on the back of efficiency in costs of sales and the right product mix.  The Mealie Brand division adopted a lean production system focused on eliminating inefficiencies which saw the business unit achieving factory savings above expectation. Giving an outlook, management said the second should be better as it expects better stocking levels resulting in better revenues. – NewsDay, 20 July 2017

Delta says it recorded a 2% revenue growth for the first quarter to June 2017 with lager beer volumes increasing by 12% against the previous comparable period. The soft drinks category was up 3% with both the sparkling beverages and Maheu registering growth.
Volumes in the Sorghum beer retreated 5% on prior year with, however Chibuku Super recorded a 9% growth.  Delta said the positive volume out turn is attributable to improved consumer spending arising from a better agricultural season and the bedding down of electronic payment platforms in settling transactions.  The Group is still in discussions with regards the soft drinks business. – LES

Government has identified one million hectares of protected mining land across the country for distribution to small scale miners in all provinces. Mines and Mining Development Deputy Minister Fred Moyo revealed this while addressing women in mining. He said that the documentation relating to the release of the land was being signed across all in the provinces, adding that some of the land that has already been signed for was in Mashonaland West and the Midlands and one in Masvingo. – The Herald, 20 July 2017

Zimbabwe has registered a slight growth in export earnings after earning $2,58 billion up from $2,57 billion as of June 16 this year, compared to the same period last year. Finance minister Patrick Chinamasa told delegates at the official opening of Grant Thornton’s new headquarters on Tuesday that the country posted a 0,6% growth in exports income. Last week, the Reserve Bank of Zimbabwe (RBZ) revealed that at the end of June, the country had earned $2,8 billion in foreign currency receipts, which consists of earnings from exports, diaspora remittances, income receipts and foreign direct investment. –  – NewsDay, 20 July 2017

By |July 20th, 2017|Categories: Headlines|

About the Author:

Kudzanai Sharara
Kudzanai’s background in financial journalism with ZFN, combined with a continuing education in financial management, provide a solid grounding for his work in the research department.